Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Emergent BioSolutions Inc. (EBS)
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Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 18, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Emergent BioSolutions Inc. (“Emergent” or the “Company”) (NYSE: EBS) common stock between July 6, 2020 and March 31, 2021, inclusive (the “Class Period”).
If you suffered a loss on your Emergent investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/emergent-biosolutions-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On March 31, 2021, The New York Times published an article reporting that in late February 2021, employees at Emergent’s Baltimore manufacturing plant “mixed up” ingredients of the different COVID-19 vaccines, contaminating up to 15 million doses of the Johnson & Johnson (“J&J”) vaccine forcing regulators to delay authorization of the plant’s production line.
On April 1, 2021, the Associated Press reported on Emergent’s “history of violations,” noting that the U.S. Food and Drug Administration (“FDA”) has repeatedly cited Emergent for problems such as poorly trained employees, cracked vials and problems managing mold and other contamination in its facilities.
On April 3, 2021, The New York Times reported that the Biden administration placed J&J in charge of Emergent’s Baltimore plant and prohibited it from producing the AstraZeneca vaccine, a setback for a Company that had touted its “unique” preparedness and “proven manufacturing capabilities” only months prior.
On this news, the Company’s stock price fell $14.29 per share, or over 15%, over two consecutive trading sessions to close at $78.62 per share on April 5, 2021.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Emergent’s Baltimore plant had a history of manufacturing issues increasing the likelihood for massive contaminations; (2) these longstanding contamination risks and quality control issues at Emergent’s facility led to a string of FDA citations; (3) 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 (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Emergent common stock during the Class Period, you may move the Court no later than June 18, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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