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Sotera Health (NASDAQ:SHC) jumped 17% in after hours trading on Friday after a Cook County, Illinois jury found that the company’s Sterigenics unit wasn’t liable for a woman’s cancer.
The verdict came late Friday in a Cook County, Illinois court, according to a Cook County Record report.
The jury verdict came two months after another jury in Illinois awarded a total of $363m to a woman who had sued its Sterigenics unit over over claims that emissions from is plant may have led to her breast cancer. The Friday verdict was the second as the company faces lawsuits from more than 700 plaintiffs who allege that Sterigenics’ Willowbrook sterilization plant caused cancer and other illnesses.
“The jury’s verdict in this matter reflects the careful consideration and understanding of the science and other evidence presented at trial,” a Sterigenics spokesperson told the Cook County Record in a statement.
Sotera Health (SHC) shares plunged 33% on Sept. 19 after the $363 million verdict against the company and led to several downgrades by sell side analysts including Goldman Sachs and JPMorgan, which cut to Sotera to underweight from overweight. Sotera’s stock had plummeted almost 60% from before the September verdict though Friday.
Last month Citi cut Sotera Health (SHC) to neutral from buy with a price target of $9, down from $25, citing the jury verdict in September.
