Weiss v. Emergent BioSolutions Inc., et al., No. 8:21-cv-01368-PX (D. Md.)
On June 2, 2021, E&C filed a securities class action lawsuit on behalf of investors that purchased Emergent BioSolutions Inc. (“Emergent” or the “Company”) (NYSE: EBS) common stock from April 24, 2020 through April 16, 2021, inclusive. The action arises from Emergent’s pervasive quality control problems at the Company’s Bayview COVID-19 vaccine manufacturing facility in Baltimore, Maryland that culminated in the destruction of up to 100 million COVID-19 Johnson & Johnson and AstraZeneca vaccine doses.
The complaint alleges, based on documents recently made public, that numerous statements issued by Emergent concerning its manufacturing processes, capabilities, quality control procedures and status as a purported leader in the biopharmaceutical industry were materially false and misleading. Defendants allegedly admitted to the FDA – but not the investing public – that the Company was plagued with known manufacturing problems, including that the “sudden scale-up” had “strained the capacity” of the Company’s COVID-19 vaccine manufacturing facility.
When these facts became public through a series of partial corrective disclosures, the price of Emergent’s common stock declined significantly, eliminating over $1.5 billion in market capitalization.
To view the relevant documents in this matter, please use the following links: