A US Congressional ethics oversight body says New York Republican House of Representatives member Chris Collins may have broken US federal law when he took actions to help listed Australian biotech Innate Immunotherapeutics, in which Collins holds a big stake.

According to a report on Friday morning The Office of Congressional Ethics said that Collins may have shared material, nonpublic information in Innate (IIL, +6.90% INNMF, +4.09%) and that he may have purchased discounted stock, not offered to the public, because he was a member of the House of Representatives. He is also a member of the House health Commitee.