We are investigating possible false claims, deceptive accounting and reporting practices, breaches of fiduciary duty, and violations of the federal securities laws by the Board of Directors and certain Company officers of Emergent BioSolutions Inc. (NYSE: EBS)(“Emergent” or the “Company”). According to a final report expected to be released today after a year-long investigation by the House of Representatives’ Select Subcommittee on the Coronavirus Crisis, the Company, hired to produce hundreds of millions of coronavirus vaccine doses, hid from US Food and Drug Administration (“FDA”) inspectors evidence of quality control problems in February 2021- six weeks before it alerted federal officials that 15 million doses were contaminated.
A report released by the House and the Select Subcommittee on the Coronavirus Crisis found that nearly 400 million doses of coronavirus vaccine manufactured by Emergent were destroyed “due to poor quality control, ”including about 240 million doses in late 2020 and early 2021. The report, based on internal company emails, documents and interviews, expounds on Emergent executives’ worries about deficiencies in the Company’s quality control systems at its Bayview plant in Baltimore, MD.
A former Emergent executive acknowledged in an email that he had alerted other senior executives “for a few years” about problems at the plant, writing that “room to improve is a huge understatement.” And, in advance of a visit to the plant by FDA officials in September 2020 in which the agency noted deficiencies, a senior quality director warned executives that it would be critical to convince the agency that rapid improvements were underway. “We are not in full compliance yet- BUT- we are making batches NOW,” the director wrote.
In late March 2021, Emergent notified the Department of Health and Human Services about the contaminated doses. That culminated with the Biden administration terminating Emergent’s vaccine production contract in November 2021.
If you own EBS shares and wish to discuss this investigation, please visit our website at https://www.weisslaw.co/news-and-cases/ebs or contact Josh Rubin at firstname.lastname@example.org or (212) 682-3025. There is no cost or obligation to you.
Weiss Law has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients. For more information about the firm, please go to: http://www.weisslaw.co
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