Reckitt Benckiser shares drop 8.9% due to Abbott Laboratories' $495m verdict over baby formula causing bowel disease.
Reckitt Benckiser's shares dropped 8.9% after Abbott Laboratories was ordered to pay $495m over baby formula causing a girl to develop bowel disease. The verdict intensified concerns over infant formula lawsuits faced by both companies, with Reckitt's shares falling to their lowest in 11 years. The litigation settlement cost for Reckitt could be around £500m, while a worst-case outcome could reach £2bn.
July 29, 2024
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