Abbott Laboratories Tumble Nearly 8% In Pre-Market After US Jury Charges $495M Penalty For Disease Causing Baby Formula
Portfolio Pulse from Benzinga Neuro
Abbott Laboratories (NYSE:ABT) shares fell nearly 8% in pre-market trading after a U.S. jury imposed a $495 million penalty for a baby formula causing severe bowel disease. This verdict is part of nearly 1,000 lawsuits against Abbott and Reckitt Benckiser (OTC:RBGLY).
July 29, 2024 | 10:30 am
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Abbott Laboratories shares dropped nearly 8% in pre-market trading after a $495 million penalty was imposed by a U.S. jury for a baby formula causing severe bowel disease. This is part of nearly 1,000 lawsuits against the company.
The significant penalty and the large number of lawsuits create a negative sentiment around Abbott Laboratories, leading to a sharp decline in its stock price.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Reckitt Benckiser shares fell as much as 9.2% following the news of the $495 million penalty against Abbott Laboratories, as both companies face nearly 1,000 lawsuits.
The penalty against Abbott Laboratories and the large number of lawsuits also negatively impact Reckitt Benckiser, leading to a significant drop in its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80