SAN DIEGO, July 23, 2016 /PRNewswire-USNewswire/ -- Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating potential violations of the federal and state securities laws by Emergent BioSolutions, Inc. (NYSE: EBS) and certain of its officers and board members. Emergent BioSolutions is a specialty biopharmaceutical company that develops, manufactures and sells specialized products to healthcare providers and governments.
Specifically, a class action has been commenced in the USDC for the District of Maryland, on behalf of purchasers of Emergent Biosolutions securities between January 11, 2016 and June 21, 2016.
The complaint alleges that defendants issued materially false and misleading information regarding the Company's business and financial prospects, particularly in relation to potential contract renewals and demand from the U.S. government for its anthrax vaccine BioThrax. The complaint further alleges that these upbeat statements caused the stock to trade at artificially inflated prices, allowing insiders to sell their shares at these inflated prices.
On June 22, 2016, before the open of trading, Emergent Biosolutions announced that the U.S. government had notified the Company it would only be purchasing 29.4 million doses of the vaccine over the following five years; an amount approximately one third less than the original contract. Additionally, the Company disclosed that the government was seeking other anthrax vaccines and that it was putting its supply bid out to other suppliers.
If you have held shares continuously prior to January 2016, you may have standing to hold Emergent Biosolutions harmless from the damage the officers and directors caused by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing. If you wish to discuss your rights, please contact Jim Baker ([email protected]) by email or by phone at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.