Former biotech CEO sued over COVID vaccine alleged insider trading
Source: msn/ABC News
12h
The former chief executive of a biopharmaceutical company used insider information about contamination in a COVID-19 vaccine to make more than $10 million in trades, the New York Attorney General’s office alleged Thursday in a new lawsuit against the executive, Robert Kramer.
Kramer was the CEO of Emergent BioSolutions, a government contractor hired to mass produce coronavirus vaccine doses, 400 million of which had to be destroyed in 2021 because of contamination at Emergent’s plant in Baltimore.
Before the contamination issues were made public, Kramer sold his company shares and received $10.1 million, according to the attorney general’s lawsuit, which seeks damages, disgorgement and costs.
In wake of Emergent BioSolutions' vaccine problems, CEO's stock trades come into focus
“Corporate executives who use insider information to illegally trade company stocks and make a profit betray the public’s trust,” said New York Attorney General Letitia James in a statement announcing the lawsuit. “At the height of the COVID-19 pandemic, Robert Kramer illegally profited millions by selling his company shares, while knowing that Emergent faced issues producing the AstraZeneca vaccine for millions of people. Kramer’s actions were illegal and unethical, and we are holding him accountable.”
Read more: https://www.msn.com/en-us/health/other/former-biotech-ceo-sued-over-covid-vaccine-alleged-insider-trading/ar-AA1UiNnP
Link to NY AG James PRESS RELEASE - Attorney General James Sues Former CEO of Emergent BioSolutions for Insider Trading
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