Menu Foods stock plunges on pet food recall
Menu Foods Inc., the company that's recalling millions of its pet food products following a health scare, saw its stock tumble by almost aquarter onMonday.
Units of the Menu Foods Income Fund fell $1.35 to close at $4.15 in TSXtrading. Earlier in the day, the units traded as low as $3.02.
Toronto-based Menu Foods initiated a precautionary recall Friday of "cuts and gravy" style dog and cat foodmanufactured at two of its U.S. plants between Dec. 3, 2006, and March 6, 2007.
Menu said it announced the recallafter it received anumber ofcomplaints about dogs and cats in the U.S. that had developed kidney failure after eating the products. One dog and nine cats died.
The company said the recall would cost it up to $40 million.