Mr. Collins told reporters Thursday that he had done nothing wrong. He described the inquiry as being the result of a âwitch huntâ driven by Representative Louise Slaughter, Democrat of New York, who requested the investigation. The office dismissed another allegation â that Mr. Collins purchased discounted stock not available to the public.
Mr. Collinsâs involvement with the company surfaced in December of 2015, and picked up steam during the confirmation of Mr. Price, a former Republican Congressman from Georgia whose active investment in pharmaceutical and health care stocks drew scrutiny â and calls for an investigation â from Democrats, including Ms. Slaughter.
In a statement, Ms. Slaughter said, âHe put his obsession to enrich himself before the people he swore to represent. It is a disgrace to Congress and to his constituents, who deserve better.â
The congressional ethics office said Mr. Price refused to cooperate with their investigation, as did Simon Wilkinson, Innateâs chief executive, and other company officials and investors. It recommended that the House committee issue subpoenas to those who did not cooperate. Mr. Price and officials with Innate could not be reached for comment.
Mr. Collins enthusiastically pitched Innate to nearly everyone he met, the report said, discussing the company with members of Congress and his own staff, âmostâ of whom were also investors. âThe bigger question would be, who havenât I talked to?â he told investigators. Two of Mr. Collinsâs children also owned stock.
The report found that Mr. Collins frequently updated shareholders on the companyâs activity, including nonpublic information, in possible violation of federal law and House rules. Some of the nonpublic information that he shared in emails, the report said, included details about how many participants had enrolled in the companyâs crucial clinical trial and details about…