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Abbott Laboratories down 5% premarket on baby formula verdict

Last updated: 21:58 29 Jul 2024 AEST, First published: 16:58 29 Jul 2024 AEST

Abbott Laboratories -

Shares of Abbott Laboratories (NYSE:ABT) were marked 5% lower in pre-market trading after a Missouri jury awarded $495 million in a baby formula case.

The case involved a child who developed necrotizing enterocolitis after consuming Similac, with the claim that Abbott failed to warn about the risks.

The plaintiffs received $95 million in compensation and $300 million in punitive damages. Abbott plans to appeal the verdict.

Ahead of the bell, the shares were quoted at $99.55, down $5.69.

London-listed Reckitt Benckiser Group PLC (LSE:RKT, ETR:3RB), which has been hit by baby formula litigation, fell 8% in London to £41.14, its lowest level in more than 11 years. 

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