Former Emergent BioSolutions CEO sued for insider trading, company reaches $900K settlement in N.Y.

The former chief executive officer of Emergent BioSolutions was accused of insider trading by the New York attorney general in connection with contracts the company had to manufacture a Covid-19 vaccine for AstraZeneca.

Robert Kramer allegedly sold more than $10 million worth of Emergent stock after becoming aware of contamination problems that made millions of doses of the vaccines unusable, but before the information was disclosed publicly, according to a lawsuit filed in New York Superior Court.

The episode began in mid-2020, when Emergent won two contracts worth $261 million to make vaccines for AstraZeneca. The arrangement stemmed from Operation Warp Speed, a U.S. government program that was designed to quickly produce vaccines and other counter-measures during the pandemic. Emergent also had contracts to make vaccines for Johnson & Johnson.

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