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

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

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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 it. The company expects to take between 90 days and 120 days to make the payment.

That court case is taking place in the Circuit Court of Cook County, Illinois, as well as the US 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. It also dismisses their claims with prejudice.

As part of the settlement, Sterigenics and Sotera Health deny any liability. It also states that the company never admits to the emission of hazardous materials from its Willowbrook facilities to surrounding communities.

What This Means For SHC Stock

With the lawsuit behind Sotera Health, investors are gaining confidence in SHC stock. As a result, we’re seeing loads of trading today as investors pick up the company’s 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 have (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.