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BX.US
id: 1034

Blackstone (BX) Child Labor Violations Case

  • On November 9, 2022, US DOL filed a lawsuit for child labor violations at Blackstone (BX) subsidiary. On February 17, 2023, the Company settled with the DOL, paying the maximum civil penalty allowed by the law.
  • On it, on November 9, 2022 $BX fell 3.18%, losing $2.1B+ of shareholder value, and on February 16-17, 2023 $BX fell 3.24%, losing $2.2B+ of shareholder value.
  • Investors may have grounds to suspect Blackstone of labor law violations, which led to their losses.
On November 9, 2022, the U.S. Department of Labor (DOL) filed a lawsuit against Blackstone subsidiary Packers Sanitation Services, Inc. (PSSI) for massive child labor violations at the Company. On February 17, 2023, PSSI settled with the DOL, paying $1.5 million in penalties, which was the maximum civil penalty allowed by the law.

On this news, on November 9, 2022 $BX fell 3.18% and lost over $2.1 billion of its market capitalization, seriously damaging shareholders, then on February 16-17, 2023 $BX fell 3.24% and lost over $2.2 billion of its market capitalization, further damaging shareholders.

Considering all the information, investors might have grounds to suspect that Blackstone failed to timely disclose its regulatory setbacks, which led to their losses.

The case is already under investigation by at least one of the reputable law firms.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
16 February 2023
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