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Article: Copley Pharmaceutical stock falls 20% after asthma inhalant recall
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- January 7, 1994
- Author:
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Copyright informationCopyright 1994 The Boston Globe. (Hide copyright information)
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Copley Pharmaceutical Inc. shares fell more than 20 percent
yesterday in heavy trading following the Canton company's Wednesday
announcement it would recall an asthma inhalant that was found to be
contaminated with bacteria.
While the company says there are no known cases of people becoming
ill from using Albuterol Sulfate Inhalation 0.5 percent, Copley
officials said yesterday the recall would cost the firm an estimated
$6 million.
The recall was announced Wednesday after the market closed with
Copley shares trading at 37 1/2. By yesterday's closing, the share
price had fallen to 29 1/2. Copley was the fifth most active issue in
NASDAQ trading yesterday with 3.38 million shares changing ...