GAITHERSBURG, Md., Sept. 13, 2024 (GLOBE NEWSWIRE) -- Emergent BioSolutions Inc. (NYSE: EBS) (“Emergent” or the “Company”) today announced that it has entered into an agreement to resolve the previously disclosed securities class action litigation pending in the United States District Court for the District of Maryland (In re Emergent BioSolutions Inc. Security Litigation, No. 8:21-cv-00955-DLB). This lawsuit was originally filed in 2021.
Under the terms of the proposed settlement, Emergent will pay $40 million, which will be substantially paid from insurance proceeds, to settle claims brought on behalf of stockholders who purchased Emergent’s common stock between March 10, 2020, and November 4, 2021. The proposed settlement, which is subject to court approval, includes no admission of liability or wrongdoing by Emergent or any current or former Emergent officers, directors or employees and will resolve all claims against the Company and other defendants in this matter.
“While Emergent believes that the legacy securities class action was without merit, we are pleased to have reached this agreement,” said Joe Papa, president and chief executive officer of Emergent. “Today’s announcement is a major step toward allowing us to move past this matter so we can continue focusing on our multiyear plan to turnaround and transform the business.”
About Emergent BioSolutions
At Emergent, our mission is to protect and enhance life. For 25 years, we’ve been at work defending people from things we hope will never happen—so we are prepared just in case they ever do. We provide solutions for complex and urgent public health threats through a portfolio of vaccines and therapeutics that we develop and manufacture for governments and consumers. We also offer a range of integrated contract development and manufacturing services for pharmaceutical and biotechnology customers. To learn more about how we plan to protect or enhance 1 billion lives by 2030, visit our website and follow us on LinkedIn, X, Instagram, Apple Podcasts and Spotify.
Safe Harbor Statement
This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including statements regarding the ability to obtain final court approval of the proposed settlement, the ability to satisfy the conditions of the proposed settlement, and the source of funds to be used to resolve these matters, are forward-looking statements. We generally identify forward-looking statements by using words like “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “may,” “plan,” “position,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. Forward-looking statements are based on our current intentions, beliefs and expectations regarding future events based on information that is currently available. We cannot guarantee that any forward-looking statement will be accurate. Readers should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from our expectations. Readers are, therefore, cautioned not to place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date of this communication and, except as required by law, we do not undertake any obligation to update any forward-looking statement to reflect new information, events or circumstances.
There are a number of important factors that could cause our actual results to differ materially from those indicated by any forward-looking statements. Readers should consider this cautionary statement, as well as the risk factors and other disclosures included in our periodic reports filed with the Securities and Exchange Commission, when evaluating our forward-looking statements.
Investor Contact:
Richard S. Lindahl
Executive Vice President, CFO
lindahlr@ebsi.com
Media Contact:
Assal Hellmer
Vice President, Communications
mediarelations@ebsi.com
