Woes continue piling up for Emergent as manufacturer faces investor revolt, insider trading allegations
Emergent BioSolutions’ troubles have only deepened since the New York Times reported in late March the CDMO had mixed up Covid-19 vaccine ingredients from J&J and AstraZeneca. Adding to its list of woes, the Maryland company is now facing an investor revolt, too.
At least four shareholders have filed lawsuits against Emergent in the last few months, with the latest coming from a police pension fund in Chicago suburb Lincolnshire, IL, on June 30. The fund’s complaint alleges Emergent not only failed to complete its fiduciary duties — a common lawsuit many companies face after a spate of bad news — but also engaged in insider trading, with several execs and board members selling more than $20 million in stock since April 2020.
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