On April 12, 2024, before the market opened, The Wall Street Journal released an article entitled “What Killed Their Pets? Owners Blame Meds, but Vets Aren’t Sure.” This article discussed possible side effects caused by Librela and Solensia, two drugs which are produced by Zoetis, and are respectively used to treat arthritis in dogs and cats. The article also stated “[h]ealth regulators in the U.S. and Europe—which have received thousands of reports of side effects—are conducting reviews” and that “[t]he FDA received more than 3,800 reports of side effects concerning the drugs through the end of last year.”

On this news, Zoetis’ stock price fell $12.75 per share, or 7.8%, to close at $149.98 per share on April 12, 2024.