HONG KONG, March 23, 2012 /PRNewswire-Asia/ -- CER Research, a Hong Kong-based corporate research and investigative company, Friday issued a statement responding to allegations from Abbott Laboratories (NYSE:ABT) with regard to a report released by CER Research on March 22 reporting on an Abbott infant formula product that tested with sub-standard results.
The report gave details of five tests conducted on the Abbott product, bought in Hong Kong in December and tested by one of the world's top food testing laboratories in Germany, with comments from named top experts. The product, Similac Stage 1, failed two of the tests by a significant margin. A copy of the full report can be found at www.cerresearch.com.
Abbott on Friday issued a statement in Chinese, but interestingly not in English, critcizing the report for lacking "scientific-ness, objectivity and fairness".
CER Research is not a scientific research organization and has no independent view on milk powder. The test results and the comments on those results come from named and recognized laboratories and experts.As to fairness, we tried to speak to Abbott about the results but were rebuffed, as detailed in the report itself. The Abbott statement said the product, bought in Hong Kong, was not meant for sale in the China mainland market and therefore did not need to meet the Chinese national standard with regard to product safety. The CDR Research report states that according to the laboratory results and the expert comments, the Abbott product sample in certain key areas failed both international as well as Chinese national standards. Most surprisingly, the Abbott statement issued within hours of the release of the CER Research report says categorically that "there is absolutely no basis" for the charges.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts