Labaton Sucharow LLP Reminds Investors of Securities Fraud Class Action Lawsuit Filed Against Emergent BioSolutions Inc. (NYSE:EBS)

NEW YORK, NY / ACCESSWIRE / April 30, 2021 / Labaton Sucharow, a national shareholder rights law firm, announces that a class action lawsuit has been filed in the US District Court for the Maryland District against Emergent BioSolutions Inc. (NYSE: EBS) (“Emergent”) on behalf of Purchased or acquired Emergent Common Shares on July 28, 2020 and March 31, 2021 inclusive (the “Class Period”).

Deadline Reminder: Investors who purchased or acquired Emergent common stock during the Class Period may apply for appointment as the Class Lead Prosecutor no later than June 18, 2021. For more information, please contact litigation partner David J. Schwartz via email at [email protected] or toll-free (800) 321-0476.

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”) .

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 stated that in late February 2021, employees at Emergent’s Baltimore manufacturing facility inconceivably “mixed up” the ingredients in 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 story goes on

The complaint alleges that during the entire classroom the defendants failed to disclose that: (1) the Emergent Baltimore facility had a history of manufacturing problems that increased the likelihood of massive contamination; (2) 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. (3) 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 (4) 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.

Aspiring investors can attempt to be appointed as the class lead plaintiff no later than June 18, 2021 through Kessler Topaz Meltzer & Check, LLP, or other lawyer, 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.

About the firm

Labaton Sucharow LLP is a global leader in complex litigation, serving clients in the fields of securities, antitrust, corporate governance and shareholder rights, as well as consumer cybersecurity and privacy litigation. Labaton Sucharow has been recognized by courts and colleagues for his outstanding achievements and is consistently represented in leading industry publications. The offices are located in New York, NY, Wilmington, DE and Washington, DC. For more information on Labaton Sucharow, please visit http://www.labaton.com.

Contact:

David J. Schwartz
(800) 321-0476
[email protected]

SOURCE: Labaton Sucharow LLP

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https://www.accesswire.com/643539/Class-Action-Reminder-Labaton-Sucharow-LLP-Reminds-Investors-of-Securities-Fraud-Class-Action-Lawsuit-Filed-Against-Emergent-BioSolutions-Inc- NYSEEBS

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