Lincolnshire (Ill.) Police Pension Fund filed suit Tuesday in U.S. District Court in Baltimore against Emergent BioSolutions Inc. and various officers and directors, alleging fiduciary breaches and violations of law in the operation of the company's Bayview facility.
A U.S. Food and Drug Administration inspection in April of the facility, where the company was producing the Johnson & Johnson COVID-19 vaccine, found numerous problems and production was soon suspended.
In touting its deal to manufacture the vaccine, which sent its stock price skyrocketing, Emergent BioSolutions violated its fiduciary duties and insider trading laws, and ignored poor quality controls at the plant, which made it not ready for commercial operations, according to the lawsuit.
The filing said the Lincolnshire Police Pension Fund is a stockholder in Emergent BioSolutions, though the amount invested was not provided.
As of Nov. 9, 2020, the Lincolnshire Police Pension Fund had $27 million in assets, according to the pension fund's Nov. 10 board meeting minutes, the most recent available.
John B. Isbister, partner, and Daniel S. Katz, partner, at Tydings & Rosenberg LLP, the plaintiff's attorneys, and officials at Emergent BioSolutions, could not be immediately reached for comment.