L'Oréal Faces Several Lawsuits Against Its Hair Relaxer Products Claiming It Causes Cancer

L'Oreal SA LRLCY and other companies making hair relaxer products have been slapped with 57 lawsuits claiming the products cause cancer and other health problems.
According to an order from the Judicial Panel on Multidistrict Litigation, the lawsuits will be consolidated in Chicago federal court.
The lawsuits cover products that use chemicals to straighten textured hair permanently, court records show.
The lawsuits allege that the companies knew their products contained dangerous chemicals but marketed and sold them.
The cases name the U.S. subsidiary of L'Oreal SA and subsidiaries of India-based companies Godrej SON Holdings Inc and Dabur International Ltd, Reuters reported.
In a statement posted online after the first lawsuits were filed, L'Oreal said it is "confident in the safety of our products and believes the recent lawsuits filed against us have no legal merit."
The lawsuits follow the October publication of a National Institutes of Health study that found women who used the products multiple times a year were more than twice as likely to develop uterine cancer.
Price Action: LRLCY shares are down 2.08% at $80.36 on the last check Tuesday.