YETI Holdings ( NYSE: YETI ) stock slid on Tuesday as the company discontinued sales of certain products, citing safety concerns.
The company announced a global stop sale of the Hopper M20 Soft Backpack Cooler, the Hopper M30 Soft Cooler and the SideKick Dry Gear Case due to safety concerns.
“YETI has notified the U.S. Consumer Product Safety Commission that the magnetic closure of these products can fail and release magnets, posing a risk of serious injury or death if the magnets are ingested,” a regulatory filing explained. “While YETI is not aware of any reported injuries at this time, the safety of YETI’s customers and quality of its products are of the utmost importance.”
More information is due to be released during the company’s Q4 earnings release on February 23. At this point, there is no timeline for the reintroduction of sales.
Shares of YETI Holdings ( YETI ) slipped 3.78% prior to Tuesday’s opening bell.
Read more on Cowen’s recent downgrade of the stock .
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Yeti Holdings stock dips amid safety concerns on multiple products