Lieff Cabraser announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the common stock of Emergent BioSolutions Inc. (“Emergent” or the “Company”) (NYSE: EBS) between July 6, 2020 and March 31, 2021, inclusive (the “Class Period”).
If you purchased or otherwise acquired Emergent common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than June 18, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Emergent investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Emergent Securities Class Litigation
Emergent, headquartered in Gaithersburg, Maryland, is a specialty biopharmaceutical company that develops vaccines and antibody therapeutics for infectious diseases. The action alleges that during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Emergent’s Baltimore manufacturing plant had a history of manufacturing issues which increased the likelihood of widespread contaminations; (2) the Food and Drug Administration (“FDA”) cited Emergent on multiple occasions for these contamination risks and manufacturing issues; (3) the Baltimore plant was forced to discard millions of doses of COVID-19 vaccines after workers failed to follow manufacturing standards; and (4) 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 facility were materially false and/or misleading and/or lacked a reasonable basis.
On March 31, 2021, after the market closed, the New York Times reported on the accidental contamination of COVID-19 vaccines developed by Johnson & Johnson and AstraZeneca at Emergent’s Baltimore plant. According to the Times, in late February 2021, employees at Emergent’s Baltimore plant “mixed up” ingredients of the two different COVID-19 vaccines, contaminating up to 15 million doses of Johnson & Johnson’s vaccine and forcing regulators to delay authorization of the plant’s production lines. The massive vaccine lot contamination reportedly went undiscovered for days. On April 1, 2021, the Associated Press reported on Emergent’s “history of violations,” noting that the FDA has repeatedly cited Emergent for quality control shortcomings. On April 3, the Times reported that the Biden administration put Johnson & Johnson in charge of the Baltimore plant and prohibited it from producing the AstraZeneca vaccine, a significant setback for Emergent, which had touted its “unique” preparedness and “proven manufacturing capabilities” only months earlier. On this news, the price of Emergent’s stock price fell $14.29 per share, or over 15% over the next two trading days, from a close of $92.91 per share on March 31, 2021, to close at $78.62 on April 5, 2021.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, and is an internationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP