Hello, MBA readers,
Johnson & Johnson has asked the U.S. Supreme Court to review a $2 billion verdict in a case that originated in St. Louis. The case against the consumer products company involved 22 women who claim they developed ovarian cancer from using the company’s talc products. It resulted in an initial $4.7 billion verdict that was reduced to $2 billion on appeal. Now, J&J and a host of business groups hope the high court will take up the case. In other corporate news, AMC Entertainment continues to ride the wave of retail traders rallying around its stock. Social media users drove the theater operator’s market value to a record high of more than $13 billion late last week. However, recent surges in the Kansas City-area company’s share price have been followed by sharp drops. Plus, State Auditor Nicole Galloway has released a new report scrutinizing Missouri’s spending on education. The state ranks near the bottom nationally in terms of per-student funding that comes from state government, according to the report.
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Johnson & Johnson seeks review of talc verdict
The company has asked the Supreme Court to review a $2 billion verdict, delivered in a St. Louis court, in favor of women who claim J&J talc products caused ovarian cancer. (Associated Press)
St. Louis extends eviction moratorium
The moratorium for most cases in the city has been extended through the month of June, matching an extension in place in St. Louis County. (KSDK)
Kansas City transit returns to full capacity
The Kansas City Area Transit Authority is removing pandemic capacity limits on its buses beginning Tuesday. (KCUR)
Efactory receives grant
The Missouri Technology Corp. is giving $250,000 to Missouri State University’s business incubator to boost entrepreneurship in southwest Missouri. (Springfield Business Journal)
Ferrellgas names new CIO
The Overland Park, Kansas-based propane retailer has hired Ivan Winfield Jr., formerly an information technology executive at Seaboard, as its chief information officer. (Kansas City Business Journal)
About 32% of per-student funding in Missouri comes from the state, placing Missouri 49th nationally in terms of its share of school funding coming from the state government. That’s according to a new report from State Auditor Nicole Galloway, whose office said that Missouri relies heavily on local sources, like property taxes, to fund classrooms. That sets Missouri apart from many other states, which rely more heavily on state funding for education, KCUR reports.
Where have we seen this story before? pic.twitter.com/tdho4z7vj5
— WallStreetBets (@wallstreetbets) May 27, 2021
AMC Entertainment, the Leawood, Kansas-based theater chain, was the talk of Twitter again as it reached its highest market value ever on Thursday, surpassing $13 billion, Bloomberg reports. This milestone came after four days of stock gains, including a 35.6% jump on Thursday. The cinema operator’s stock has doubled since its latest earnings report on May 6 as retail traders influenced by social media activity continue to drive interest in AMC. Shares closed Friday at $26.12.
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Buff City Soap
That’s the name of a plant-based soap and body product retail franchise that has plans to expand its existing presence in St. Louis, the St. Louis Business Journal reports. The Dallas-based company will open its third St.Louis-area location in Arnold and a fourth regional location elsewhere sometime this fall. Buff City Soap makes vegan soaps on-site with an area customers can watch the production process. The company opened its first location in the St. Louis area in April in St. Charles.