On January 15, 2026, Letitia James, the New York attorney general (NY Attorney General), filed a complaint against Robert Kramer, the former CEO of Emergent BioSolutions Inc., alleging insider trading in violation of the state’s Martin Act. [1] The action follows Emergent’s $900,000 settlement with the NY Attorney General over its approval of Mr. Kramer’s 10b5-1 plan. The NY Attorney General claims that even as Mr. Kramer learned about the contamination problem, he initiated a Rule 10b5-1 trading plan on November 13, 2020, to sell Emergent stock. While the Martin Act prohibits “fraudulent practices,” under relevant case law, the NY Attorney General is arguably not required to prove scienter, or specific intent to deceive. 2018) (“[T]he Attorney General need not prove scienter or intentional fraud in a Martin Act enforcement proceeding.”); Anwar v. Fairfield Greenwich Ltd., 728 F.Supp.2d 354, 357 (S.D.N.Y.

Source: New York Times February 13, 2026 19:19 UTC