NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces 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 July 6, 2020 and March 31, 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.
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Emergent is a specialty biopharmaceutical company that develops vaccines and antibody therapeutics for infectious diseases. In response to the COVID-19 pandemic, Emergent 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 he 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.
Investors began to learn the truth on March 31, 2021, when media reports revealed that employees at Emergent’s Baltimore manufacturing 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.
Additionally, it was further reported that by December 2020, Emergent was forced to discard the equivalent of millions of AstraZeneca vaccine doses after they were spoiled by bacterial contamination of equipment at the same Baltimore facility. In response to these revelations, the Biden administration took the extraordinary action of placing J&J in charge of Emergent’s Baltimore plant and prohibiting it from producing the AstraZeneca vaccine. To date, not a single dose of any COVID-19 vaccine produced at the site has been released by the FDA for distribution.
In response to this news, shares 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.
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 firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
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.