Why Is Sotera Health (SHC) Stock Up 102% Today?

  • Sotera Health (SHC) stock is taking off thanks to a lawsuit update.
  • This has the company and its subsidiary agreeing to pay a $408 million settlement.
  • Shares of SHC stock are now seeing heavy trading.
SHC Stock. Image of a judge's gavel.

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Sotera Health (NASDAQ:SHC) stock is taking off on Tuesday thanks to news of a $408 million settlement.

The lawsuit involves Sterigenics, a subsidiary of Sotera Health. With today’s news, the company has agreed to pay a total of $408 million for the more than 870 ethylene oxide cases pending against Sterigenics. The company expects to take between 90 days and 120 days to make the payment.

These cases are taking place in the Circuit Court of Cook County, Illinois, as well as the U.S. District Court for the Northern District of Illinois. With the $408 million payment, Sterigenics will settle with all plaintiffs “providing opt-in consents to their individual settlement allocations and dismissing their claims with prejudice.”

As part of the settlement, Sterigenics and Sotera deny any liability. The companies do not admit to the emission of hazardous materials from the Willowbrook facilities to surrounding communities.

What This Means for SHC Stock

With the lawsuit behind Sotera and Sterigenics, investors are gaining confidence in SHC stock. As a result, we’re seeing loads of trading today as investors pick up shares. As of this writing, some 30 million shares have changed hands. For the record, the company’s daily average trading volume is closer to 2 million shares.

SHC stock is up 102.2% as of Tuesday morning.

Investors seeking more of the latest stock market news are in luck!

InvestorPlace has all that news ready to go for Tuesday! A few examples include what’s happening with shares of Pfizer (NYSE:PFE), Boeing (NYSE:BA) and Virgin Orbit (NASDAQ:VORB) stock today. You can read all of that news at the following links below!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/01/why-is-sotera-health-shc-stock-up-102-today/.

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