March 17 (Bloomberg) -- Mega Brands Inc., the world's second-biggest maker of snap-together blocks for children, fell as much as 14 percent in Toronto trading after recalling about 2.4 million magnetic toys.
Mega Brands lost 66 cents to C$4.45 as of 2:05 p.m. in Toronto Stock Exchange trading, the lowest intraday price since Nov. 22. The shares lost 18 percent this year before today.
The MagnaMan Action Figures and Magtastik and Magnetix Jr. Pre-School Magnetic Toys contain magnets that can detach and be swallowed by children, Mega Brands said today in a statement. The company said it is cooperating with the U.S. Consumer Product Safety Commission in the voluntary recall.
Mega Brands lost 66 cents to C$4.45 as of 2:05 p.m. in Toronto Stock Exchange trading, the lowest intraday price since Nov. 22. The shares lost 18 percent this year before today.
The MagnaMan Action Figures and Magtastik and Magnetix Jr. Pre-School Magnetic Toys contain magnets that can detach and be swallowed by children, Mega Brands said today in a statement. The company said it is cooperating with the U.S. Consumer Product Safety Commission in the voluntary recall.
Mega Brand Incorporated fell about 14 percent after recalling 2.4 million magnetic toys causing Mega Brands to lose 66 cents to C$4.45 in the Toronto Stock Exchange trading. The toys were recalled because of more than 44 reports filed about the magnets coming detached and harming children. The consumers were allowed to return the magnetic play toys for a replacement resulting in over $7 million in merchandise- a major fallback for the second largest producer of childrens snap-together toys.
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