On December 22, 2025, the U.S. Securities and Exchange Commission (SEC) filed a complaint against several defendants for their roles in market manipulation schemes involving two pharmaceutical companies, Olema Pharmaceuticals, Inc. (Olema) and Opiant Pharmaceuticals, Inc. (Opiant). The SEC alleged that the defendants executed “pump and dump” campaigns in violation of Section 17(a) of the Securities Act of 1933 and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934.