Securities class action litigation has been filed on behalf of investors in the common stock of Emergent BioSolutions Inc. (“Emergent”) (NYSE: EBS). If you are an investor who purchased or otherwise acquired Emergent common stock between April 24, 2020 and April 16, 2021, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than June 18, 2021.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the action. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.
Emergent investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should use the form below 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, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States and has assisted clients in recovering over $124 billion in verdicts and settlements. Benchmark Litigation named Lieff Cabraser its “2020 California Plaintiff Firm of the Year,” and in early 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Lieff Cabraser is committed to access to justice for all.