SEC filings map how Y-mAbs acquisition tip traveled through an extended family before the announcement

At 4:28 p.m. UTC on August 4, 2025, Vincent Ayar bought 1,847 shares of Y-mAbs Therapeutics Inc. while on the phone with his brother Venar. The next day, SERB Pharmaceuticals announced a $412 million acquisition of Y-mAbs at $8.60 per share. According to the SEC’s order instituting proceedings against Vincent Ayar, dated September 25, 2026, the trade produced $7,831.25 in illicit profits.

This is a stock insider-trading case. The SEC instituted cease-and-desist proceedings against Vincent Ayar under Section 21C of the Securities Exchange Act of 1934, with information moving from a SERB employee to the employee’s spouse, then to the spouse’s law-firm partner, then outward to relatives.

The agency simultaneously brought proceedings against Venar Ayar and Johnathan Denha. The Venar Ayar order identifies Venar as a 43-year-old Michigan lawyer. The Denha order puts Denha at 33 years old. Venar’s cousin, Denha is the president and founder of a mortgage lending business.

The chain started on August 4, when a SERB employee told his wife — identified in the orders as “Insider” and “Law Partner” — that SERB had finalized plans to acquire Y-mAbs and intended to announce the deal the following day. Law Partner passed that information to Venar Ayar.

Venar then called Vincent at 4:28 p.m. UTC and told him to buy Y-mAbs stock. Vincent bought during that call. At 5:20 p.m. UTC, Venar placed the same call to Denha.

Every trade was placed before SERB’s public announcement on August 5, 2025. Y-mAbs closed that day at $8.52, up $4.33 from the prior close of $4.19. That one-day gain of roughly 103.34%, using the filing’s prices, is the market backdrop; the SEC’s case turns on what the traders knew before any of it became public.

Vincent sold after the announcement and pocketed $7,831.25. Denha’s sales generated $25,604.65. The other cousin made $808.96. Those three figures add up to $34,244.86, which matches the total illicit profits figure stated in the Venar order.

The financial consequences the SEC has imposed differ by participant. Venar Ayar faces a $34,244.86 civil money penalty. Denha is ordered to pay $25,604.65 in disgorgement, $898.20 in prejudgment interest, and a $26,413.61 civil money penalty. The filings do not state a separate monetary payment ordered against Vincent Ayar.

The acquisition itself closed through a merger effected by a SERB subsidiary on September 16, 2025, roughly six weeks after the trades at issue. The SEC’s orders are explicit that the alleged benefit came from acting before the August 5 public disclosure, when the information was still material and nonpublic.

What the filings actually give you is a transaction map with unusually precise timestamps: a disclosure from one SERB employee, a handoff to a law-firm partner, calls to brothers and cousins, purchases executed during those calls. All three individuals face cease-and-desist proceedings instituted on September 25, 2026.