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According to the indictment, the defendants tried to get early word on the results of tests by Innate Immunotherapeutics Limited.
When that drug failed a clinical trial in Australia, the company's stock plummeted.
Collins, who resigned in April from the Innate board, has denied wrongdoing.
Collins, one of President Donald Trump's early supporters in Congress, came under fire early previous year for investing in the Sydney-based Innate Immunotherapeutics while sitting on a House committee that oversees healthcare policy.
The House Ethics Committee investigated Collins' ties to the Australian biotechnology company in 2017 after the Office of Congressional Ethics, an independent watchdog group, recommended the committee launch a full investigation. "We are confident he will be completely vindicated and exonerated", the statement reads. Chris Collins was arrested and indicted on charges related to securities fraud Wednesday. Reps. John Culberson of Houston and Mike Conaway of Midland had also bought shares in the firm, though they apparently didn't dump shares shortly before the price crashed - unlike Collins' son, whose well-timed sale is at the heart of the insider trading case.
On the day after the trial results were released, the company's stock lost 92 percent of its value.
Collins' lawyers noted in a statement that the government has not said the congressman traded any shares of the stock.
Within minutes, Chris Collins phoned his son and relayed the information "knowing that it was in breach of his duties to Innate and anticipating that Cameron Collins would use it to trade and tip others", the documents state.