financetom
Business
financetom
/
Business
/
Reckitt says many cases filed against baby formula makers
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Reckitt says many cases filed against baby formula makers
Mar 18, 2024 5:46 AM

LONDON, March 18 (Reuters) - Reckitt said on

Monday that many cases had been filed against baby formula

makers in general, but it was unclear how many directly related

to its unit's Enfamil product.

An Illinois jury last week ordered Reckitt unit Mead

Johnson to pay $60 million to the mother of a premature baby who

died of an intestinal disease after being fed the company's

Enfamil baby formula.

The jury in an Illinois state court in St. Clair County last

week found Mead Johnson was negligent and had failed to warn of

the risk of necrotising enterocolitis (NEC). The disease, which

causes the death of bowel tissue, mostly affects premature

newborns and has a fatality rate of about 15% to 40%.

Traders told Reuters on Friday there were concerns in the

market that more cases would be made against Mead Johnson.

Shares of Reckitt, which owns brands such as Lysol, Dettol and

Strepsils, that day suffered their steepest one-day drop since

1999, making it the top loser on London's blue-chip FTSE 100

.

"Case numbers will continue to fluctuate," an executive said

on a call to discuss last week's verdict. "New cases will be

filed and some will be dismissed. And we need to determine

whether we're actually involved in the litigation."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Public Storage forecasts downbeat 2025 FFO on LA wildfire headwinds
Public Storage forecasts downbeat 2025 FFO on LA wildfire headwinds
Feb 24, 2025
Feb 24 (Reuters) - Real estate investment trust Public Storage ( PSA ) forecast funds from operations for 2025 below Wall Street expectations on Monday, weighed down by pricing restrictions following the Los Angeles wildfires. Last month, two major wildfires plus several smaller ones created the worst natural disaster in Los Angeles County history, killing 28 people and damaging or...
GFL Environmental Up 1.8% As Posts Higher Q4 Profit and Revenue That Met Expectations; 2025 Outlook Issued
GFL Environmental Up 1.8% As Posts Higher Q4 Profit and Revenue That Met Expectations; 2025 Outlook Issued
Feb 24, 2025
05:00 PM EST, 02/24/2025 (MT Newswires) -- GFL Environmental ( GFL ) was up 1.8% in US after hours Monday after saying its fourth-quarter profit and revenue rose year-over-year. The waste-management company said it earned $0.22 per share, in the quarter, up from a profit of $0.05 per share in the year-prior quarter. Analysts polled by FactSet expected C$0.22. Revenue,...
Public Storage forecasts downbeat 2025 FFO on LA wildfire headwinds
Public Storage forecasts downbeat 2025 FFO on LA wildfire headwinds
Feb 24, 2025
(Reuters) - Real estate investment trust Public Storage ( PSA ) forecast funds from operations for 2025 below Wall Street expectations on Monday, weighed down by pricing restrictions following the Los Angeles wildfires. Last month, two major wildfires plus several smaller ones created the worst natural disaster in Los Angeles County history, killing 28 people and damaging or destroying more...
Trex Company Q4 Earnings, Sales Decline; Sets Revenue Guidance; Shares Rise After Hours
Trex Company Q4 Earnings, Sales Decline; Sets Revenue Guidance; Shares Rise After Hours
Feb 24, 2025
05:00 PM EST, 02/24/2025 (MT Newswires) -- Trex Company ( TREX ) reported Q4 earnings late Monday of $0.09 per diluted share, down from $0.20 a year earlier. Analysts polled by FactSet expected $0.03. Net sales for the quarter that ended Dec. 31 was $167.6 million, down from $195.7 million a year earlier. Analysts surveyed by FactSet expected $160.5 million....
Copyright 2023-2026 - www.financetom.com All Rights Reserved