Senior Director Of Operations Charged With Insider Trading

United States Attorney for the Southern District of New York, Jamie McDonald, and Special Agent in Charge of the Miami Field Office of the Federal Bureau of Investigation ("FBI"), Brett Skiles, announced today the unsealing of an Indictment charging DAVID PIDGEON with securities fraud stemming from insider trading based on misappropriated financial information belonging to his employer. PIDGEON was arrested today and will be presented in Boston, Massachusetts. The case has been assigned to U.S. District Judge Jennifer H. Reardon.

"As alleged in the Indictment, less than one year ago, a senior official at a public company engaged in insider trading," said U.S. Attorney Jamie McDonald. "When corporate insiders misuse confidential information for personal gain, they undermine the integrity of our financial system. Today's charges-and in particular the speed with which we were able to bring them-reflect our commitment to holding accountable anyone who chooses to engage in this kind of misconduct. We will continue to work closely with our partners at the FBI and the SEC to safeguard our markets and pursue those who violate the law."

"Today's charges underscore a fundamental principle: when individuals exploit confidential corporate information for personal gain, they undermine the integrity of our financial markets," said FBI Special Agent in Charge Brett Skiles. "The FBI is committed to protecting investors, maintaining a free and fair market, and holding accountable anyone who attempts to profit through deception and unlawful insider trading. We will continue to work closely with our partners to ensure that those who violate these principles are brought to justice."

As alleged in the Indictment unsealed today in federal court:(1)

In or about October 2025, PIDGEON, then Senior Director of Operations at Treace Medical Concepts, Inc. ("TMCI"), obtained material nonpublic information about TMCI's lower sales volume and difficulty meeting its financial projections. Days before TMCI's third quarter earnings announcement, PIDGEON sold shares of other issuers and used the proceeds to purchase short-term put options in TMCI stock. PIDGEON's trades occurred during a company-wide blackout period when TMCI employees were prohibited from trading in TMCI securities, and in violation of TMCI's policies, which prohibited employees from trading in TMCI options at any time. On November 6, 2025, following market close, TMCI announced its third quarter financial results, which included a net loss of $16.3 million and downwardly adjusted 2025 revenue projections. The following day, TMCI's stock price dropped approximately 28%. That same day, Pidgeon sold all of his TMCI options.

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PIDGEON, 40, of Jacksonville, Florida, is charged with one count of securities fraud under Title 15 of the United States Code, which carries a maximum sentence of 20 years in prison, and one count of securities fraud under Title 18 of the United States Code, which carries a maximum sentence of 25 years in prison.

The maximum sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.

Mr. McDonald thanked the FBI. Mr. McDonald further thanked the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority.

This case is being handled by the Office's Securities and Commodities Fraud Task Force. Assistant U.S. Attorney Courtney L. Heavey is in charge of the prosecution.

The charges contained in the Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

1. ^

   As the introductory phrase signifies, the entirety of the text of the Complaints and the description of the Complaints set forth herein constitutes only allegations and every fact described should be treated as an allegation.