Kessler Topaz Meltzer & Check, LLP Files a Shareholder Class Action Lawsuit Against Emergent BioSolutions Inc. (EBS) for Violations of Federal Securities Laws with Expanded Class Period
Radnor, Pennsylvania – (Newsfile Corp. – May 15, 2021) – Law firm Kessler Topaz Meltzer & Check, LLP announces that it has filed a security fraud class action against Emergent BioSolutions Inc. (NYSE: EBS) (“Emergent” ) on behalf of investors who purchased or acquired Emergent common shares between April 24, 2020 and April 16, 2021 inclusive (including the “Class Period”). This lawsuit, headed Roth v. Emergent BioSolutions Inc. et al., Case No. 1: 21-cv-01189-CCB (the “Roth lawsuit”) was filed in the US District Court for Maryland (Southern Division). Click here to view a copy of the Roth Action Complaint.
A class action lawsuit is pending against Emergent in the Maryland District Court (Southern Division), and a notice published in that lawsuit triggered the June 18, 2021 deadline for all investors who purchased Emergent common stock to attempt to act as primary agents of the plaintiff’s class to be appointed. Filing the Roth lawsuit does not change the deadline for the lead plaintiff on June 18, 2021.
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 visit: 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. In response to the novel coronavirus strain (SARS-CoV-2) causing a COVID-19 pandemic (“COVID-19”), Emergent signed a number of contracts with Johnson & Johnson (“J&J”) and AstraZeneca valued at $ 876 million for the provision of contract development and manufacturing organization services to manufacture the companies’ COVID-19 vaccine candidates.
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The class begins April 24, 2020, the day after Emergent announced it has entered into an agreement with J&J to manufacture J & J’s COVID-19 vaccine candidate in Emergent, Baltimore. Under the agreement, Emergent would provide drug manufacturing services and J&J would reserve large manufacturing capacities. On June 11, 2020, Emergent announced that it has signed another agreement to provide contract development and manufacturing services and secure large manufacturing capacity in support of AstraZeneca’s COVID-19 vaccine candidate.
The truth about Emergent became known 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 of Emergent, Baltimore. The New York Times article stated that Emergent employees at the Baltimore plant mixed the ingredients of the two different COVID-19 vaccines in late February 2021, contaminated up to 15 million doses of J & J’s vaccine and forced regulators to do so to delay the approval of the plant’s production lines. Likewise, “[f]More deliveries of the Johnson & Johnson vaccine – expected to be 24 million doses in the next month – should “but” come from the huge Baltimore facility.[t]Hose deliveries are now in question while the quality control problems are resolved. “
The next morning, April 1, 2021, based on documents obtained through the Freedom of Information Act, the Associated Press reported that the Food and Drug Administration (“FDA”) repeated “… Emergent because of issues like Poorly trained individuals cited had employees, cracked vials, and problems handling mold and other debris in one of the facilities. “Following the news, Emergent’s share price fell significantly from a closing price of $ 92.91 per share on March 31, 2021 to 80 $ .46 per share at the close of trading on April 1, 2021, down $ 12.45, or over 13% per share.
Then, on April 19, 2021, Emergent announced that, at the request of the FDA, Emergent has agreed not to initiate the manufacture of any new material at its Bayview facility and to keep existing material produced at the Bayview facility until the completion of the Quarantine the project [FDA’s] Review and correction of the resulting results. “Following the news, Emergent common stock fell $ 9.77 per share, or more than 12%, from a closing price of $ 77.64 per share on April 16, 2021 to $ 67.87 per share on April 19, 2021.
The Roth action alleges that the defendants failed to disclose the following during the entire classroom: (1) The Emergent Baltimore facility has had a history of manufacturing issues that increased the likelihood of massive contamination. (2) The Baltimore facility had received a number of FDA citations due to these contamination risks and quality control issues. (3) Emergent was forced to discard millions of doses of COVID-19 vaccines after workers at the facility deviated from manufacturing standards. and (4) as a result of the foregoing, the defendants’ public statements regarding Emergent’s ability and ability to mass-produce multiple COVID-19 vaccines at its Baltimore facility were materially false and / or misleading and / or unfounded.
Aspiring investors can attempt to be appointed as the class lead plaintiff by June 18, 2021 at the latest by Kessler Topaz Meltzer & Check, LLP, or other attorney, or they can 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 action lawsuits 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). For more information on Kessler Topaz Meltzer & Check, LLP, please visit 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
The source version of this press release can be found at https://www.newsfilecorp.com/release/84199