The share value of Mead Johnson Nutrition (MJN) has come down following reports that Wal-Mart pulled Enfamil Newborn formula powder from over 3,000 stores. The company's shares dropped $7.72 to $68.76 Thursday.
Wal-Mart pulled the product from the stores after a newborn Missouri boy, who was fed with the formula, died of a possible rare bacterial infection.
Mead Johnson manufactures, distributes and sells infant formulas, children's nutritional products and other nutritional products in Asia, Europe, Latin America and North America. It markets its products under various names, including Enfamil.
Mead Johnson spokesman Christopher Perille said formulas were tested before sold and the batch in question had tested negative. Perille stated that the tests conducted before sale had been checked again and confirmed that the results came up negative, according to a report in the Wall Street Journal.
The company released a statement which said, The batch of the product used by the child's family did not show the presence of the bacteria when it was produced and packaged, and that has recently been reconfirmed from our batch records.
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We are working with health authorities to support their efforts to identify the source or cause of the infant's infection, the statement added.