Reckitt says many cases have been filed against baby formula makers [Globe and Mail, The (Toronto, Canada)]
RECKITT BENCKISR GP S/ADR (RBGLY)
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Source: Globe and Mail, The
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 a state court in St. Clair County found Mead Johnson was negligent and had failed to warn of the risk of necrotizing enterocolitis (NEC). The disease, which causes the death of bowel tissue, mostly affects premature newborns and has a fatality rate of about 15 per cent to 40 per cent. The decision is the latest blow to Reckitt's shares, which have fallen 22 per cent since late last month when the Lysol maker missed fourth-quarter like-for-like net sales expectations, and said an investigation showed some employees had under-reported liabilities in the Middle East. Since Feb. 28, Reckitt's market value has lost about 10 billion pounds ($12.74-billion). “We grow weary with the surprises at Reckitt,” Bernstein analyst Bruno Monteyne said. Shares of Reckitt, which owns
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