A vaccine maker ruined 15 million doses. Its CEO sold $11 million of stock before that was public
CNN
Emergent BioSolutions' stock lost more than half of its value since the disclosure that it ruined as many as 15 million doses of Johnson & Johnson's Covid-19 vaccine at its Baltimore plant. But the company's CEO dumped more than $11 million worth of stock ahead of the stock's massive decline.
Johnson & Johnson (JNJ) announced on March 31 that problems at the Emergent (EBS) plant had made the potential doses of vaccine unusable. Emergent had contracted to make the covid vaccine for the drugmaker. The plant also ran into problems with Covid-19 vaccines it is making for AstraZeneca (AZN) -- a vaccine in use in Europe and elsewhere in the world, but not yet approved for US use. Following an inspection by the Food & Drug Administration, Emergent agreed on April 16 to halt production of the vaccine and to quarantine existing material manufactured. That production has yet to resume. The stock tumbled as news of those problems were disclosed.
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