Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Emergent BioSolutions Inc. (EBS)
RADNOR, Pa .– (BUSINESS WIRE) – The law firm of Kessler Topaz Meltzer & Check, LLP, announces that a class action lawsuit has been filed against Emergent BioSolutions Inc. (NYSE: EBS) (“Emergent”) in Maryland District Court for the District of Maryland. ) on behalf of those who purchased or acquired Emergent common stock between July 6, 2020 and March 31, 2021 (including the “Class Period”).
Deadline Reminder: Investors who purchased or acquired Emergent Common Stock during the Class Period may, no later than June 18, 2021try to be appointed as the plaintiff’s principal representative of the class. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; by email to email@example.com; or click on https://www.ktmc.com/emergent-biosolutions-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=emergent
Emergent is a specialist biopharmaceutical company that develops vaccines and antibody therapeutics for infectious diseases.
The class period begins on July 6, 2020 when Emergent announced in a press release that it had signed a five-year large-scale drug manufacturing contract for Johnson & Johnson’s leading COVID-19 vaccine candidate (“J&J”) . Under the $ 480 million agreement for the first two years, Emergent would begin manufacturing J & J’s COVID-19 vaccine in 2021 at Emergent’s Baltimore facility. Announcing the agreement, Robert G. Kramer Sr., President and Chief Executive Officer of Emergent, highlighted “Emergent’s manufacturing strength to combat the COVID-19 pandemic.” Emergent Senior Vice President Syed T. Husain added that Emergent “has the expertise and skills to meet Emergent’s long-term needs [its] Customers and provide ongoing commercial manufacturing for the benefit of patients. Shortly thereafter, on July 27, 2020, Emergent issued a press release announcing another contract with AstraZeneca to provide services to support the production of its COVID-19 vaccine candidate. With that approximately $ 174 million deal, Emergent was also selected to provide large-scale drug manufacturing services for commercial supply at its Baltimore facility beginning in 2020.
The truth about Emergent was revealed after market close on March 31, 2021 when the New York Times published an article about accidental contamination of COVID-19 vaccines developed by J&J and AstraZeneca at the Emergent manufacturing facility in Baltimore . The New York Times article said that in late February 2021, employees at Emergent’s Baltimore manufacturing facility inconceivably “mixed” the ingredients of the two different COVID-19 vaccines, contaminating up to 15 million doses of J & J’s vaccine and regulators were forced to delay approval of the vaccine on the plant’s production lines. The New York Times article also found that massive contamination of Emergent batches of vaccine went undetected for days until J & J’s quality controls uncovered it, raising questions about Emergent’s failure to train and monitor its employees during the production process. Following the news, Emergent’s share price fell from a closing price of $ 92.91 on March 31, 2021 to a closing price of $ 80.46 on April 1, 2021, a decline of over 13%. As more facts played out in the media, Emergent’s share price continued to fall, closing at $ 78.62 on April 5, 2021.
The complaint alleges that during the entire classroom the defendants failed to disclose that: (i) the Emergent Baltimore facility had a history of manufacturing problems that increased the likelihood of massive contamination; (ii) these long-standing contamination risks and quality control issues at Emergent’s facility resulted in a number of citations from the United States Food and Drug Administration; (iii) Emergent previously had to ditch the equivalent of millions of doses of COVID-19 vaccines after workers at the Baltimore plant deviated from manufacturing standards. and (iv) as a result of the foregoing, the Defendants’ public statements regarding Emergent’s ability and ability to mass-produce several COVID-19 vaccines at its Baltimore manufacturing facility were materially false and / or misleading and / or unfounded.
Emerging investors can no later than June 18, 2021, attempt to be appointed as the class lead plaintiff by Kessler Topaz Meltzer & Check, LLP, or other attorney, or choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of federal and state law. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has reclaimed billions of dollars on behalf of institutional and individual investors from the US and around the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Further information on Kessler Topaz Meltzer & Check, LLP can be found at www.ktmc.com.