Abbott Laboratories has agreed to pay $385M to the Department of Justice to resolve claims tied to its 2022 recall of baby formula made at a Michigan plant where deadly bacteria allegedly killed two infants. The company said it has admitted no wrongdoing and that the settlement does not represent an admission of guilt. News of the settlement lifted the stock, which gained 1.21% to close at $103.18 on Monday, snapping six consecutive sessions of losses. The shares had fallen more than 6% over those six prior sessions, and are down nearly 18% year to date and 21% over the past year, against a 16% rise in the broader markets. On September 8, Abbott announced FDA approval of its TactiFlex Duo ablation catheter, designed to treat complex cases of atrial fibrillation by combining pulsed-field ablation technology with radiofrequency energy, though the stock ended that day 2.59% lower at $105.52.
Abbott LaboratoriesAbbott agreed to pay $385M to settle DOJ claims over its 2022 infant formula recall, resolving a legal/regulatory overhang.
