ACCC Orders Amazon Magnet Toy Removals; Shares Fall 3.47% to $261.26

On June 2, Australia’s ACCC demanded removal of banned high-powered magnet toys from Amazon, eBay, Kogan and Fruugo, with three platforms agreeing to delist items and offer refunds. The action follows Federal Court proceedings launched May 29 against Amazon’s local unit for selling children’s backpacks lacking mandatory button-battery warnings. Amazon shares closed down 3.47% at $261.26 on the news, extending regulatory pressure that began with the backpack safety suit and now targets multiple marketplaces for unsafe consumer products.