Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the District of Maryland on behalf of investors that purchased Emergent BioSolutions, Inc. (NYSE: EBS) common stock between April 24, 2020 and April 16, 2021, inclusive (the “Class Period”). Investors have until June 18, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
The complaint alleges that Emergent is a specialty biopharmaceutical company that develops vaccines and antibody therapeutics for infectious diseases. Emergent signed a series of deals with Johnson & Johnson (“J&J”) and AstraZeneca worth a combined $876 million to provide contract development and manufacturing organization services to produce the companies’ COVID-19 vaccine candidates.
The Class Period begins on April 24, 2020, the day after Emergent announced that it had entered into an agreement with J&J to manufacture J&J’s COVID-19 vaccine candidate at Emergent’s Baltimore facility. Under the deal, Emergent would provide drug substance manufacturing services and reserve large-scale manufacturing capacity for J&J.
On April 19, 2021, Emergent revealed that, “at the request of the FDA, Emergent agreed not to initiate the manufacturing of any new material at its Bayview facility and to quarantine existing material manufactured at the Bayview facility pending completion of the [FDA’s] inspection and remediation of any resulting findings.” Following this news, the price of Emergent’s common stock declined $9.77 per share, or more than 12%, from a close of $77.64 per share on April 16, 2021, to close at $67.87 per share on April 19, 2021.
The Roth Action alleges that, throughout the Class Period, the defendants failed to disclose that: (1) Emergent’s Baltimore facility had a history of manufacturing issues increasing the likelihood for massive contaminations; (2) the Baltimore facility had received a series of FDA citations as a result of these contamination risks and quality control issues; (3) Emergent had been 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 about Emergent’s ability and capacity to mass manufacture multiple COVID-19 vaccines at its Baltimore facility were materially false and/or misleading and/or lacked a reasonable basis.
If you purchased Emergent common stock during the Class Period and suffered a loss, are a long term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.