Last summer, investors flocked to the biotech company Emergent BioSolutions. The host of CNBC’s “Mad Money,” Jim Cramer, gushed about the Maryland business, which had secured a lucrative government contract to manufacture Covid-19 vaccines for Johnson & Johnson and AstraZeneca. “I love this story,” Mr. Cramer said last August, hailing the company’s soaring stock price. “Why bet on the individual vaccine makers when you can bet on the arms dealer that’s working with just about everybody?”This summer, some investors are in revolt. As the federal government works with Emergent in an effort to restart production, some investors are asking for their money back and seeking an overhaul of the company’s corporate governance.

Source: New York Times July 06, 2021 06:56 UTC