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Reuters states $60m
There are 100s of similar cases though. Could cost them billions in the long run. That's why people are panic dumping. Overreaction I think as they'll appeal, maybe get the award reduced. Other cases may be thrown out etc. But it's not a good situation. If I'd known about this before buying the dip recently I'd have stayed clear. It's only a small position so I'll hold for the long term and see what happens. At least they're buying back shares and paying a dividend in the meantime, but it's definitely a worrying situation. Buying Mead Johnson was a massive mistake. Can't think of too many large corporate acquisitions that have ever paid off.
Please read share news on this page from alliance news and note it incorrectly states 60 billion fine. Yes there could be more fines but this is an incorrect headline that could be driving the price down more than is rational.
A premature baby dies so the Mother blames the milk. Cant see this one holding up when the evidence is presented. Could only happen the the US justice system.
There could be hundreds of cases, as it’s premature babies that are risk from this NEC disease which can be fatal…
I’m holding this, just let it run. It’s another VODAFONE investment by looks of it. . . .
One mother has won a case for $60m! Not $60bn lol
Thank you but anyone reading 60 billion would be dumping shares right now
It's def million
Just checking look at news headline on this site, … 60 billion or 60 million fine , big difference
Surely this merits an RNS.
Presumably this baby formula is well used. If this is an isolated case it suggests the case is flawed. But knowing what litigation is like in the US everyone who's used the formula and does not have a perfect child will be suing too.
Not a good situation.
Doing business in the US as a UK company is full of risk , look at BP and the 50bn hit they took over the years , it’s not a level playing field in the courts out there , take a look at Boeing , do not see them in court and there is a lot they have got wrong, very worrying for Reckitts
Isolated case?
They will appeal anyway.
Baby formula fine in U.S. $60m.
RKT
Wow! It fell like a stone this morning despite the buy back programme. Not tempted to try for another dead cat bounce, there is a serious seller lurking in the wings.
Well, this looks like the bounce. I'm out at 5246p having made more in two weeks than I would have if kept the cash on deposit.
That’s why the shares dropped again apparently
See @baroninvestment tweet
Yes sorry guys was forgetting those in in a lot higher but I will add don’t worry too much certain it will recover quality does and fully believe RKT IS but yes not great to see take care guys
RKT
Yes, but easyinvester bought at 5028p so it is a high for him
It hardly finished the week on a high when it started it at around 13% higher!
It 16.40 as I write this share up 3.28% happy to finish week on high
RKT purchases own shares..
https://www.investments.halifax.co.uk/research-centre/news-centre/article/?id=34124477&type=rns
I've been tracking this stock since credit crunch days, its a whale stock specialising in FMCG market so it survives turmoil and doesn't miss dividend payouts... today drop has just made it a bargain buy, personally a few more pips drop would be welcome for a top up and hold till turmoil settles and it returns to form above 6000
GLA DYR
Hopefully bottom reached this Morning. Didn`t expect to drop this far but has been punished by the Market on sloppy Management. Last buy for Me at £49.26 and a hold for a few weeks until divi date. Oversold big time so hope punters got some stock in.
Recketts
Hi easyinvester, I did exactly the same. I bought 100 shares at 5018p for my ISA without much research simply because it had fallen so far. A punt on a "dead cat" bounce you might say! I owned them many years ago and I see the price has fallen to a ten year low. The products are safe, if a little boring, they aren't going bust and I might get a divi while I wait for the cat to do it's stuff.
Good to see the CEO earning his £1million + salary.
Time to break the Company up and release value.