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Emergent BioSolutions Inc.
Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Emergent BioSolutions, Inc., (“Emergent” or the “Company”) (NYSE: EBS) from July 6, 2020, through March 31,2021 , (the “Class Period”).
If you purchased or acquired securities of Emergent BioSolutions, Inc., and would like to discuss your legal rights and/or options please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Emergent BioSolutions, Inc., (“Emergent” or the “Company”) (NYSE: EBS) from July 6, 2020, through March 31,2021 , (the “Class Period”). The lawsuit filed in the United States District Court for the District of Maryland alleges violations of the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose to investors: ((i) Emergent’s Baltimore plant had a history of manufacturing issues increasing the likelihood for massive contaminations; (ii) these longstanding contamination risks and quality control issues at Emergent’s facility led to a string of FDA citations; (iii) the Company previously had to discard the equivalent of millions of doses of COVID-19 vaccines after workers at the Baltimore plant deviated from manufacturing standards; and (iv) as a result of the foregoing, Defendants’ public statements about Emergent’s ability and capacity to mass manufacture multiple COVID-19 vaccines at its Baltimore manufacturing site were materially false and/or misleading and/or lacked a reasonable basis.
On March 31, 2021, after the close of markets, the New York Times published an article reporting on the accidental contamination of COVID-19 vaccines developed by J&J and AstraZeneca at the Emergent manufacturing plant in Baltimore. The New York Times article stated that in late February 2021, employees at Emergent’s Baltimore manufacturing plant Case 8:21-cv-00955-PX inconceivably “mixed up” ingredients of the two different COVID-19 vaccines, contaminating up to 15 million doses of J&J’s vaccine and forcing regulators to delay authorization of the plant’s production lines. . Further, the March 31, 2021 New York Times article noted that Emergent’s massive vaccine lot contamination went undiscovered for days until J&J’s quality control checks uncovered it, raising questions about Emergent’s failed training and supervision of its employees during the production process. On April 1, 2021, the Associated Press reported on Emergent’s “history of violations,” noting that the FDA has repeatedly cited Emergent for problems such as poorly trained employees, cracked vials and problems managing mold and other contamination in its facilities. The April 1, 2021 article highlighted that the FDA’s inspection of Emergent’s Baltimore plant had faulted the Company for a series of quality control shortcomings. Two days later, on April 3, the New York Times reported that the Biden administration took the extraordinary action of putting J&J in charge of Emergent’s Baltimore plant and prohibiting it from producing the AstraZeneca vaccine, an incredible blow for a Company that had touted its “unique” preparedness and “proven manufacturing capabilities” only months prior. The article called the “ingredient mix-up” and stripping of Emergent’s control over its own plant “a significant setback and a public relations debacle.” On this news, Emergent’s stock price declined precipitously from $92.91 at close on March 31, 2021 down to $80.46 at the close of trading on April 1, 2021—a $12.45 drop equating to over a 13% decline in share price. As more facts unfolded in the media, the Company’s stock price continued to decline, closing at $78.62 on April 5, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than June 18, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Joseph R. Seidman
Bernstein Liebhard LLP