Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a shareholder and consumer rights litigation firm, is investigating whether Reckitt Benckiser Group PLC (“Reckitt” or the “Company”) (OTC: RBGLY) or certain of its officers and directors issued misleading and false statements and/or failed to disclose information material to investors in violation of federal securities laws.
Reckitt is a United Kingdom-based, global consumer goods company. To date, over 500 state and federal products liability lawsuits have been filed against Reckitt and its competitor, Abbott Laboratories (“Abbott”), claiming that they failed to adequately warn that premature infants consuming cow milk-based formulas, such as Reckitt’s Enfamil and Abbott’s Similac, have an increased risk of developing necrotizing enterocolitis (“NEC”), a life-threatening intestinal disease that affects premature or low birth weight infants.
On March 15, 2024, a jury in St. Clair County, Illinois, returned a $60 million verdict against Reckitt in the first NEC lawsuit to be tried to a verdict. On this news, the price of the Company’s American Depositary Receipts (“ADRs”) dropped $1.87, or nearly 14%, to close at $11.44 per ADR, on heavy trading volume. Then, on July 29, 2024, a jury in St. Louis, Illinois awarded a plaintiff $495 million in damages against Abbott in another NEC lawsuit. On this news, the price of Reckitt’s ADRs dropped an additional $1.02, or nearly 9%, to close at $10.64 per ADR, on heavy trading volume.
CONTACT:
Nicholas Bruno
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 24th Floor, New York, NY 10169
(888) 398-9312
[email protected]