Financial documents and whistleblower testimony spotlighted by The Guardian on Friday show that the U.S.-based baby formula producer Abbott used the massive windfall profits it accumulated between 2019 and 2021 to enrich shareholders, even amid a deadly bacteria outbreak that has triggered nationwide outrage and contributed to a formula shortage.
"Abbott detected bacteria eight times as its net profits soared by 94% between 2019 and 2021," The Guardian's Tom Perkins reported. "And just as its tainted formula allegedly began sickening a number of babies, with two deaths reported, the company increased dividends to shareholders by over 25% while announcing a stock buyback program worth $5 billion."
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