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Sen. Richard Burr at the Senate floor in February. Photo: Samuel Corum/Getty Images

Senate Intelligence Chairman Richard Burr (R-N.C.) was hit with a federal lawsuit Monday over his sell-off of shares before the market crashed over concerns about the novel coronavirus pandemic.

Details: Wyndham Hotels and Resorts shareholder Alan Jacobson alleges "acts of securities fraud committed by [Burr]" and "abuse of his powers as a U.S. Senator" when he sold his $150,000 stake in the business. Burr strongly denies any wrongdoing and asked the Senate Ethics Committee Friday to review the sell-offs.

The big picture: Burr had been receiving daily coronavirus updates from the intelligence community in his role as committee chairman, per a Feb. 27 report by Reuters. After writing a Feb. 7 Fox News op-ed that said the U.S. is "better prepared than ever before" to face public health threats such as COVID-19, he sold between $628,000 and $1.72 million in stocks on Feb. 13, ProPublica reported.

What they're saying: "Senator Burr owed a duty to Congress, the United States government, and citizens of the United States, including Plaintiff, not to use material nonpublic information that he learned by virtue of his duties as a United States Senator in connection with the sale or purchase of any security," the lawsuit states. "Senator Burr breached that duty by selling stock, including Wyndham stock, based on that material nonpublic information."

"Had Plaintiff and the market known of the material nonpublic information in Senator Burr’s possession regarding COVID-19, and on which Senator Burr traded, Wyndham’s stock price on February 13, 2020 would have been substantially lower. Senator Burr and his wife sold up to $150,000 of Wyndham stock on that date, and therefore he and his wife pocketed up to $150,000 in illegal insider trading proceeds at Plaintiff’s expense.
Plaintiff suffered damages because, in reliance on the integrity of the market, he maintained his stock holdings in Wyndham at artificially inflated prices as a result of Defendant’s violations of Section 10(b) and 20A of the Exchange Act."
— Lawsuit excerpt

The other side: Axios has contacted Burr for comment about the lawsuit. He has said previously that he sold the stocks because he "closely followed CNBC's daily health and science reporting out of its Asia bureaus at the time."

Read the lawsuit:

Go deeper

39 mins ago - Politics & Policy

Republicans’ secret lobbying

Illustration: Shoshana Gordon/Axios

The five Senate Republicans who helped negotiate and draft the $1.2 trillion bipartisan infrastructure bill have been privately courting their Republican colleagues to pass the measure in the House.

Why it matters: House GOP leaders are actively urging their members to oppose the bill. The senators are working to undercut that effort as Monday shapes up as a do-or-die moment for the bipartisan bill.

CBC members nix border visit

A Haitian migrant carries a toddler on his shoulders today as he crosses the Rio Grande River. Photo: Pedro Pardo/AFP via Getty Images

Several members of the Congressional Black Caucus weighed visiting the U.S.-Mexico border this week to investigate the conditions faced by Haitian migrants and protest allegations of inhumane treatment by U.S. agents.

Why it matters: It's a thorny proposition both in terms of timing and messaging. Going assures a new wave of negative headlines for President Biden amid sinking popularity. And with congressional deadlines in the coming days over infrastructure, a possible government shutdown and debt-limit crisis, Democrats can't afford to lose any votes in the House.

Jan. 6 select committee subpoenas four Trump aides

Photo: Alex Wong/Getty Images

The Jan 6. select committee investigating the deadly Capitol riot has subpoenaed four aides to former President Trump for testimony and documents.

Why it matters: Former White House chief of staff Mark Meadows, former communications official Dan Scavino, former Defense Department official Kash Patel and former Trump adviser Steve Bannon were all in touch "with the White House on or in the days leading up to the January 6th insurrection," the committee said in a release.