Shuman, Glenn & Stecker Investigates Emergent BioSolutions, Inc.

Rhea-AI Summary

Shuman, Glenn & Stecker is investigating potential claims against Emergent BioSolutions (EBS) related to a securities class action lawsuit. The lawsuit alleges that Emergent's executives misrepresented the company's ability to produce COVID-19 vaccines, specifically those of Johnson & Johnson and AstraZeneca, at its Baltimore facility. Following FDA inspections revealing significant operational issues and contamination incidents, Emergent's stock fell over 15% in early April 2021 and has since dropped to around $55 per share, failing to recover.

Positive

• None.

Negative

• Significant operational issues at the Baltimore facility revealed by FDA inspections.
• Contamination incidents resulted in millions of discarded vaccine doses.
• Stock price fell over 15% in April 2021 and has not recovered, currently trading around $55.

DENVER--(BUSINESS WIRE)-- Shuman, Glenn & Stecker announces that it is investigating potential claims against certain officers and directors of Emergent BioSolutions, Inc. (“Emergent” or the “Company”) (NYSE: EBS). Emergent is a biopharmaceutical company that develops vaccines for infectious diseases.

The Firm’s investigation relates to allegations raised in a securities class action lawsuit filed against Emergent and certain of its senior officers in the U.S. District Court for the District of Maryland. The lawsuit alleges that Emergent signed deals with Johnson & Johnson (“J&J”) and AstraZeneca to provide contract development and manufacturing organization services for production of those companies’ COVID-19 vaccine candidates, and also received federal government funds in connection with Operation Warp Speed. The lawsuit further alleges that the defendants repeatedly touted Emergent’s ability and capacity to mass manufacture COVID-19 vaccines at its Baltimore, Maryland manufacturing site but failed to disclose myriad issues which would detrimentally affect its ability to do so. In April 2020, the U.S. Food and Drug Administration conducted an inspection which revealed serious problems, including deficient containment areas, necessary technology and personnel upgrades, and inadequate employee training.

On March 31, 2021, media reports revealed that ingredients for the J&J and AstraZeneca vaccines were “mixed up” at the Baltimore facility, contaminating up to 15 million doses of J&J’s vaccine. It was further revealed that this was not an isolated incident. By December 2020, Emergent was forced to discard millions of AstraZeneca vaccine doses after they were spoiled by bacterial contamination of equipment. In response, the U.S. Government placed J&J in charge of Emergent’s Baltimore facility and prohibited Emergent from producing the AstraZeneca vaccine. In response, shares of Emergent’s stock price fell by over 15% over the next two trading days to close at $78.62 on April 5, 2021. Emergent’s stock has never recovered and currently trades for approximately $55 per share.

If you currently own Emergent common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip Shuman toll free at (866) 569-4531 or email Mr. Shuman at kip@shumanlawfirm.com.

Shuman, Glenn & Stecker represents investors throughout the nation, concentrating its practice in stockholder litigation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210921005988/en/

SHUMAN, GLENN & STECKER

Kip B. Shuman, Esq.

100 Pine Street, Suite 1250

San Francisco, CA 94111

Tel: 866.569.4531

Fax: 303.536.7849

Email: kip@shumanlawfirm.com

Web: www.shumanlawfirm.com

Source: Shuman, Glenn & Stecker

FAQ

What legal actions are being taken against Emergent BioSolutions (EBS)?

Shuman, Glenn & Stecker is investigating claims against Emergent related to a securities class action lawsuit alleging misrepresentation of vaccine production capabilities.

What caused the decline in Emergent BioSolutions (EBS) stock price?

Emergent's stock dropped over 15% following reports of operational deficiencies and contamination at its Baltimore facility.

What specific issues were identified at Emergent's Baltimore facility?

The FDA inspection revealed deficiencies in containment areas, technology, and employee training, contributing to contamination incidents.