Tumble

Abbott and Reckitt See Stocks Tumble Following $495 Million Baby Formula Lawsuit Verdict

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New York — Shares of Abbott Laboratories and Reckitt Benckiser Group PLC faced significant declines following a massive $495 million jury award against them. The verdict, stemming from a lawsuit tied to allegations of tainted baby formula, sent shockwaves through the market, reflecting deep investor concerns about potential financial repercussions and brand impact. The lawsuit accused the companies of negligence that resulted in serious health issues in children. Allegations pointed to baby formula produced by these manufacturers that was supposedly contaminated, leading to various health complications. Both companies have vigorously denied the claims and indicated … Read more

Roblox Faces Class Action Lawsuit Over Alleged Inflated Financial Projections as Share Prices Tumble

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SAN MATEO, Calif. — A major lawsuit has been launched against the popular immersive entertainment platform company, Roblox Corporation. On June 10, 2024, investors who are alleging significant financial losses during a specific trading period initiated a class action lawsuit seeking compensatory damages. During the period between November 15, 2023, and May 8, 2024, shareholders claim they purchased Roblox stock at inflated prices based on the company’s optimistic financial projections which later proved overstated. Roblox, known for its platform that combines gaming, social media, and virtual learning environments, reported having 77.7 million daily active users … Read more