Feds probe whether baby formula makers broke the law in bidding for state contracts [CBS News]
Abbott Laboratories (ABT)
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Source: CBS News
The Federal Trade Commission last year launched a probe into the baby formula crisis. As part of that investigation, the agency in January sent an information request to formula maker Abbott Laboratories, according to a document on the FTC's website. Abbott, which makes Similac and which produces nearly half of the infant formula in the U.S., is one of just three formula manufacturers that have regularly bid to supply the product for state-run Women, Infants and Children (WIC) programs, according to the U.S. Department of Agriculture. More than half the children born in the U.S. use WIC, which provides free formula to low-income moms and babies. States award contracts for the program every three to four years, with the business going to the lowest bidder, according to the FTC. A WIC contract, which gives a formula maker the right to supply all baby formula for a state's WIC program, can create "lucrative spillover effects" for companies, the FTC said in online documents. This "
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ABT
Earnings
- 7/20/23 - Beat
ABT
Sec Filings
- 9/15/23 - Form 4
- 9/6/23 - Form 4
- 9/6/23 - Form 4
- ABT's page on the SEC website