Skip to main content

Market Overview

European Union Announce Second Lawsuit Against AstraZeneca Over Delayed COVID-19 Vaccine Supply: Reuters

European Union Announce Second Lawsuit Against AstraZeneca Over Delayed COVID-19 Vaccine Supply: Reuters
  • The European Union has reportedly launched a new lawsuit against AstraZeneca plc (NASDAQ: AZN) that could lead to financial sanctions for the company, which the E.U. alleges has breached a supply contract for COVID-19 vaccines.
  • The lawsuit is the E.U.'s second against AstraZeneca after the bloc took action at the end of April over delayed vaccine supplies.
  • AstraZeneca has said the E.U.'s first legal action is without merit, saying that it complied with the contract, Reuters reported.
  • E.U. lawyer Rafael Jafferali, speaking in a Belgian court, asked AstraZeneca to deliver a total of 120 million vaccine doses by the end of June.
  • The company had initially committed to delivering 300 million vaccine doses from December to the end of June but has delayed shipments, having delivered only 50 million.
  • AstraZeneca aims to ship 100 million shots by mid-year, which the company's lawyer Hakim Boularbah confirmed.
  • Boularbah said AstraZeneca was not obliged to deliver the entire volume of doses set in the contract because it only committed to making its "best reasonable efforts" to achieve it.
  • The company has cited production problems and export restrictions as reasons for its delayed supplies to the E.U.
  • The E.U. lawyer also asked AstraZeneca to share confidential documents, a request which AstraZeneca opposes.
  • Price Action: AZN shares are trading 0.74% lower at $53.98 during the market trading session on the last check Tuesday.

Related Articles (AZN)

View Comments and Join the Discussion!

Posted-In: Briefs COVID-19 VaccineBiotech Government News Health Care Legal General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at