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October 19, 2018 - The court preliminarily approved the settlement.
October 17, 2018 - A stipulation of settlement was filed by the parties.
July 7, 2017 - The court denied defendants' motion to dismiss.
February 27, 2017 - A motion to dismiss the amended complaint was filed.
December 27, 2016 - An amended complaint was filed.
July 19, 2016 - An investor in shares of Emergent Biosolutions Inc (NYSE:EBS) filed a lawsuit in the U.S. District Court for the District of Maryland over alleged violations of Federal Securities Laws by Emergent Biosolutions Inc in connection with certain allegedly false and misleading statements made between January 11, 2016 and June 21, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Emergent Biosolutions Inc (NYSE: EBS) common shares between January 11, 2016 and June 21, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that with no reasonable basis to believe that the Company's renewal of its contract with the U.S. government would call for the same level of, much less increased, purchases of BioThrax, Emergent Biosolutions Inc claimed it remained on track to receive the lucrative renewal of its five-year exclusive anthrax vaccine procurement contract, that Emergent Biosolutions Inc also repeatedly emphasized an ongoing strong demand for BioThrax in light of the U.S. government's funding of Emergent Biosolutions Inc's massive expansion of its BioThrax production facility, claiming with no reasonable basis that the expansion would enable the Company to manufacture some 20 to 25 million additional doses of BioThrax annually, which the U.S. government would purchase over the following five-year period in order to build the U.S. Strategic National Stockpile ( SNS ) of anthrax vaccine to 75 million doses, and that as a result of defendants' allegedly materially false and misleading statements, Emergent Biosolutions Inc common stock traded at artificially inflated prices, reaching between January 11, 2016 and June 21, 2016 high of $43.95 per share, and enabling certain of the defendants to sell their personally held shares of Emergent Biosolutions Inc common stock for proceeds of over $14.5 million. Emergent Biosolutions Inc reported that its annual Total Revenue rose from $281.89 million in 2012 to $522.79 million in 2015 and that its Net Income increased from $23.52 million in 2012 to $62.87 million in 2015. Shares of Emergent Biosolutions Inc (NYSE: EBS) grew from $13.20 per share in April 2013 to as high as $44.38 per share on June 7, 2016.
On June 22, 2016, Emergent Biosolutions Inc announced that the U.S. government had issued two official solicitation notices indicating that it would only be purchasing 29.4 million doses of the BioThrax vaccine for its SNS over the following five years – approximately one-third less than the 44.75 million doses in the original contract and far less than the 75 million doses the Company had led the investment community to believe the U.S. government sought to purchase. Emergent Biosolutions Inc also disclosed that instead of more first-generation BioThrax anthrax vaccine, the U.S. government was seeking to procure a newer, faster-working next-generation anthrax vaccine, once one was approved, and that it was putting its supply bid for the rest of its anthrax vaccine procurement out to other companies, such that Emergent stood to lose its lucrative exclusivity. NYSE: EBS shares declined to $27.01 per share on June 28, 2016. On July 19, 2016, NYSE: EBS shares closed at $30.30 per share.