product recall
Hearing device company Cochlear (COH) saw its shares plummet yesterday after it declared a global recall of its Nucleus CI500 line due to a spike in product failure rates. Shares dropped over 20 percent to $57.50 as terrified investors sold out en masse.
The CI500 series accounts for about 70 percent of Cochlear sales and pulling it off the market cost the company more than $800 million in stock value.
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