HENDERSONVILLE, TN / May 2, 2021/ The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 20 years, announces that a purchaser of Emergent BioSolutions Inc (NYSE: EBS) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities Exchange Act of 1934 between July 6, 2020 and March 31, 2021. Emergent is a specialty biopharmaceutical company that develops vaccines and antibody therapeutics for infectious diseases.
If you suffered a loss due to Emergent BioSolutions Inc.’s misconduct, click here.
Emergent BioSolutions Inc. (EBS) Misled Investors Regarding its Business Operations
According to the complaint, in response to the COVID-19 pandemic, Emergent signed deals with Johnson & Johnson and AstraZeneca worth a combined $875 million to provide contract development and manufacturing organization services to produce the companies’ COVID-19 vaccine candidates. Emergent also received $628 million from the U.S. government as part of Operation Warp Speed. Following the deals, Emergent’s President and CEO stated that the Company was “uniquely prepared to answer the call for [the] Covid-19 pandemic” because of its “proven manufacturing capabilities in place.” Thereafter, company executives repeatedly assured investors of Emergent’s ability and capacity to mass manufacture COVID-19 vaccines at its Baltimore manufacturing site. The announced deals sent the Company’s stock price soaring – peaking at over $134 per share on August 13, 2020.
In reality, the Company was not equipped to manufacture the vaccine given the myriad issues at its Baltimore facility. On March 31, 2021, media reports revealed that employees at Emergent’s Baltimore manufacturing facility “mixed up” ingredients for the Johnston & Johnson and AstraZeneca vaccines, contaminating up to 15 million doses of the Johnson & Johnson 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, including problems with mold, poor disinfection of some plant equipment leading to growth of bacteria, the repeated approval or raw materials that had not been fully tested, and poor employee training.
In response to these revelations, the Biden administration placed Johnson & Johnson in charge of Emergent’s Baltimore plant and prohibited it from producing the AstraZeneca vaccine. To date, not a single dose of COVID-19 vaccine produced at this site has been released by the FDA for distribution.
On this news, Emergent’s stock has declined significantly, trading at $92.91 at close on March 31, 2021, but trading at just $60.98 today.
If you purchased shares of Emergent BioSolutions Inc. (EBS) between July 6, 2020 and March 31, 2021, you have until June 18, 2021, to ask the court to appoint you lead plaintiff for the clas
Emergent Shareholders Urged to Contact the Firm
If you purchased Emergent securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to firstname.lastname@example.org. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Last year, Mr Miles was recognized as a 2020 Top Ranked Lawyer; 2020 Top Rated Litigator; and a 2020 Elite Lawyer of The South by Martindale-Hubbell® and ALM. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2021); Top Rated Lawyer by Martindale-Hubbell® and ALM (2019-2021); Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019-2020); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2018-2020); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019-2020); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits to Investors (Timothy L. Miles, Dec. 3, 2019).
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Leading the Fight to Protect Shareholder Rights for Over 19 Years