SEC Files Subpoena Enforcement Action Against John Paul Waymack

Litigation Release No. 24271 / September 18, 2018

Securities and Exchange Commission v. John Paul Waymack, Misc. Actio, No. 1:18-MC-128 (RMC) (D.D.C. filed September 17, 2018)

The Securities and Exchange Commission has filed a subpoena enforcement action against John Paul Waymack, seeking an order directing him to comply with an investigative subpoena for documents and testimony.

According to the application and supporting papers, which were filed in the United States District Court for the District of Columbia, the SEC is collecting information that it deems pertinent to a request for assistance by the Israel Securities Authority. The Israel Securities Authority is investigating possible violations of Israeli law arising from potential insider trading and potential misstatements in the public disclosures of Kitov Pharmaceuticals Holdings, Ltd. Kitov is a foreign private issuer that has made relevant regulatory filings with the Commission, including an annual report on Form 20-F. Kitov securities are listed on the Tel Aviv Stock Exchange (ticker: KTOV). Kitov American Depository Shares are listed on the NASDAQ Capital Market exchange. Waymack serves as Kitov's Chairman and Chief Medical Officer.

On June 15, 2017, the SEC issued a subpoena for documents and testimony from Waymack. Waymack has since refused to produce any documents and to appear for testimony.

As stated in the SEC's application, a subpoena enforcement action is appropriate where the information sought from the witness is relevant to the investigation. The application does not reflect a determination by the SEC or its staff that Waymack or Kitov Pharmaceuticals has violated any provisions of the federal securities laws or any provisions at issue in the Israel Securities Authority's investigation.