Full Press Release Details
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.”
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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.
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