Emergent BioSolutions Announces Agreement to Settle Class Action Securities Lawsuit

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 lawsuit pending in the U.S. District Court for the District of Maryland (In re Emergent BioSolutions Inc. Security Litigation, No. 8:21-cv-00955-DLBThis lawsuit was originally filed in 2021.

Under the terms of the proposed settlement, Emergent will pay $40 million, a significant portion of which will be paid from insurance proceeds, to settle claims brought on behalf of shareholders who purchased Emergent common stock between March 10, 2020 and November 4, 2021. The proposed settlement, which is subject to court approval, contains no admission of liability or wrongdoing by Emergent or any current or former officers, directors or employees of Emergent and will resolve all claims against the company and other defendants in this matter.

“While Emergent believes the legacy securities class action was without merit, we are pleased to have reached this settlement,” said Joe Papa, president and chief executive officer of Emergent. “Today’s announcement is an important step in putting this matter behind us so that we can continue to focus on our multi-year plan to turn around and transform the company.”

About Emergent BioSolutions

At Emergent, our mission is to protect and improve life. For 25 years, we’ve been defending people from things we hope will never happen, so we’re prepared in case they do. We provide solutions to complex and urgent public health threats through a portfolio of vaccines and therapies that we develop and manufacture for governments and consumers. We also offer a suite of integrated contract development and manufacturing services for pharmaceutical and biotechnology clients. Visit our website and follow us on LinkedIn, X, Instagram, Apple Podcasts, and Spotify to learn more about how we plan to protect or improve 1 billion lives by 2030.

Safe Harbor Statement

This communication contains 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 terms 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 such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “predict,” “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 concerning future events based on information currently available to us. We cannot guarantee that any forward-looking statement will prove to be accurate. Readers should realize that if underlying assumptions prove incorrect or unknown risks or uncertainties materialize, actual results could vary materially from our expectations. Readers are therefore cautioned not to place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this communication and, except as required by law, we assume no 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 in 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
[email protected]

Press contact:
Assal Hellmer
Vice President, Communications
[email protected]