The president and CEO of Emergent BioSolutions sold off more than $10 million worth of his company’s stock shortly before millions of doses of the Johnson & Johnson COVID-19 vaccine were ruined at a Baltimore facility run by the multinational biopharmaceutical company, The Washington Post reported.
Robert G. Kramer sold off shares of his company in late January and early February valued at over $10 million, according to the Post, which added that those shares are now worth around $5.5 million. In March, it was revealed that 15 million doses of the J&J vaccine had been ruined after contamination.
“All of Mr. Kramer’s sales were previously scheduled under 10b5-1 trading plans,” Emergent spokesperson Nina DeLorenzo told the Post.
“Mr. Kramer, our executive team, and our board of directors are held to the highest ethical standards and follow strict compliance with all laws and regulations governing financial transactions,” DeLorenzo added. “Any insinuation of wrongdoing is without evidence or merit.”
It’s only illegal if we pawns do it