New York Sues Former C.E.O. of Covid Vaccine Maker Over Insider Trading
The New York Times • • business
Key Points:
- New York Attorney General Letitia James filed an insider trading lawsuit against Robert G. Kramer, former CEO of Emergent BioSolutions, alleging he profited $7.6 million by selling stock before public disclosure of contaminated Covid-19 vaccine doses.
- The lawsuit claims Kramer was aware of systemic issues with a vaccine produced for AstraZeneca under Operation Warp Speed when he exercised his stock options.
- Contaminated vaccine material led to production suspension and a significant drop in Emergent’s stock price from $134.46 per share in August 2020.
- Emergent BioSolutions agreed to pay $900,000 in a settlement related to the insider trading case, while Kramer retired from the company in 2023.
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