SAN FRANCISCO, July 22, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors of Emergent Biosolutions, Inc. (NYSE:EBS) that a securities class action is pending in the United States District Court for the District of Maryland and the Lead Plaintiff Deadline is September 19, 2016.
If you purchased or otherwise acquired securities of Emergent Biosolutions between January 11, 2016 and June 21, 2016 and suffered over $75,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/EBS
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing EBS@hbsslaw.com.
The litigation concerns Defendants’ claims that the U.S. government’s strong and growing demand for Emergent’s anthrax vaccine (BioThrax) was such that they believed the government would renew Emergent’s 5-year exclusive anthrax vaccine procurement contract.
However, on June 22, 2016 Defendants announced that the U.S. Department of Health and Human Services issued two solicitation notices indicating it would (1) purchase less BioThrax, (2) purchase doses of a next-gen anthrax vaccine when one was approved, and (3) seek bids from other companies for the remainder of its anthrax vaccine procurement.
On this news, the price of Emergent’s shares fell approximately 20% to close at $31.33 per share on June 22, 2016.
Moreover, before the June 22, 2016 announcement certain of Emergent’s senior executives and directors sold over 360,000 shares and received over $14.5 million in gross proceeds.
“The insider selling strongly suggests Defendants knew claims that Emergent was on track to get its government contract renewed were inaccurate,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Emergent Biosolutions should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email EBS@hbsslaw.com.
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