- A jury from Cook County awarded $363 million for a woman who developed breast cancer after living near a medical equipment sterilization facility operated by Sterigenics, a unit of Sterigenics Sotera Health Co SHC.
- The lawsuit related to exposure to ethylene oxide (EO), a disinfectant used to sterilize medical devices.
- The lawsuit was the first of many against the Willowbrook plant operator, with more than 760 lawsuits against him in Cook County Circuit Court for toxic emissions.
- Needham expects concerns about Steris Plc ST potential EO liabilities will continue to weigh on its shares. The analyst downgraded the company’s stock from Buy to Hold.
- Steris is a medical technology company specializing in sterilization and surgical products for the US healthcare system.
- Needham writes that SHC faces more than 1,000 EO lawsuits, but STE only a few. But the successful SHC lawsuit could lead to increased EO lawsuits.
- STE’s filings do not show the same level of complaints as SHC. According to STE, while some lawsuits have been filed against an STE subsidiary over a sterilization facility in Waukegan, IL, STE has not owned or operated the facility for years.
- Price promotion: SHC shares are down 1.96% to $7.27 and STE shares are down 5.04% to $167.84 on the most recent check Friday.
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