Lawsuit filed for Investors in shares of Emergent BioSolutions Inc (NYSE: EBS)
A lawsuit was filed on behalf of investors in Emergent BioSolutions Inc (NYSE: EBS) shares over alleged securities laws violations
Investors who purchased shares of Emergent BioSolutions Inc (NYSE: EBS) have certain options and for certain investors are short and strict deadlines running. Deadline: June 18, 2021. NYSE: EBS investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Gaithersburg, MD based Emergent BioSolutions Inc., a life sciences company, focuses on the provision of preparedness and response products and solutions for civilian and military populations that address accidental, deliberate, and naturally occurring public health threats (PHTs). Emergent BioSolutions Inc signed deals with Johnson & Johnson (“J&J”) and AstraZeneca worth a combined $875 million to provide contract development and manufacturing organization (“CDMO”) services to produce the companies’ COVID-19 vaccine candidates, and received another $628 million from the United States government as a part of Operation Warp Speed, for a total of $1.5 billion in COVID-19 deals.
Following the deals, BioSolutions Inc’s CEO Robert G. Kramer Sr. stated that Emergent BioSolutions Inc was “uniquely prepared to answer the call for [the] COVID-19 pandemic” because of its “proven manufacturing capabilities in place.”
Emergent BioSolutions Inc assured investors of Emergent’s ability and capacity to mass manufacture COVID-19 vaccines at its Bayview manufacturing site in Baltimore, Maryland (“Bayview”).
Theplaintiff claims that between July 6, 2020 and March 31, 2021, the company failed to disclose to investors myriad issues at Bayview that would detrimentally affect its ability to manufacture the vaccine. Investors began to learn the truth on March 31, 2021, after the close of markets, when media reports revealed that employees at Emergent’s Bayview facility “mixed up” ingredients for the J&J and AstraZeneca vaccines, contaminating up to 15 million doses of the J&J vaccine. It was further revealed that this was not an isolated incident and part of a history of manufacturing issues at the Company’s plant. Media outlets called the massive contamination a “significant setback and public relations debacle” and highlighted longstanding contamination risks and quality control issues at the Company’s facilities, leading to a string of FDA citations, including a persistent problem with mold, poor disinfection of some plant equipment leading to growth of bacteria, the repeated approval of raw materials that had not been fully tested, and poor employee training.
Shares of Emergent BioSolutions Inc (NYSE: EBS) declined on April 22, 2021, to as low as $61.00 per share.
Those who purchased shares of Emergent BioSolutions Inc (NYSE: EBS) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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