Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Emergent BioSolutions Inc.
RADNOR, Pa., April 21, 2021 / PRNewswire / – Kessler Topaz Meltzer & Check, LLP law firm announces that a class action lawsuit has been filed for securities fraud The United States District court for the district Maryland against Emergent BioSolutions Inc. (NYSE: EBS) (“Emergent”) on behalf of those who have intervened to purchase or acquire Emergent common stock July 6, 2020 and March 31, 2021including (the “Class Period”).
Deadline Reminder: Investors who have purchased or acquired Emergent common stock during the class period can request 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; per email to [email protected];; 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 lesson begins on July 6, 2020When Emergent issued a press release announcing that it has signed a five-year large-scale drug manufacturing contract for Johnson & Johnson’s leading COVID-19 vaccine candidate (“J&J”). As part of the agreement rated with $ 480 million For the first two years, Emergent began manufacturing J & J’s COVID-19 vaccine at Emergent’s manufacturing facility in 2021 Baltimore. In announcing the agreement, the President and Chief Executive Officer of Emergent, Robert G. Kramer Sr.emphasized “Emergent’s manufacturing strength to combat the COVID-19 pandemic”. Senior Vice President of Emergent, Syed T. Husainadded that Emergent “had the expertise and skills to meet the long-term needs of [its] Customers and provide ongoing commercial manufacturing for the benefit of patients. “Shortly after that July 27, 2020Emergent issued a press release announcing another contract with AstraZeneca to provide services to support the production of its COVID-19 vaccine candidate. This deal is worth roughly $ 174 million, also contracted Emergent to produce drug manufacturing services Baltimore Plant, from 2020, on a large scale for commercial supply.
The truth about Emergent was revealed on March 31, 2021 after the end of the markets when the New York Times published an article on the accidental contamination of COVID-19 vaccines developed by J&J and AstraZeneca at the Emergent manufacturing facility in Baltimore. The New York Times Article stated that in the late February 2021, Emergent’s Employee Baltimore The manufacturing facility inconceivably “mixed up” the ingredients of the two different COVID-19 vaccines, contaminated up to 15 million doses of J & J’s vaccine, and forced regulators to delay approving the facility’s production lines. Furthermore, the New York Times One article pointed out 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 failed training and monitoring of its employees during the production process. Following the news, Emergent’s share price fell from a closing price of $ 92.91 on March 31, 2021until the end of $ 80.46 on April 1, 2021a decrease of over 13%. As more facts played out in the media, Emergent’s share price continued to fall, closing in $ 78.62 on April 5, 2021.
The complaint alleges that during the entire classroom period the defendants failed to disclose: (i) Emergent’s Baltimore The plant has had manufacturing issues in the past 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 the equivalent of millions of doses of COVID-19 vaccines according to 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 Baltimore The production facility was materially incorrect and / or misleading and / or there was no reasonable basis.
Aspiring investors can do so 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 collected billions of dollars on behalf of institutional and individual investors The United States and all over 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.
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)
SOURCE Kessler Topaz Meltzer & Check, LLP