Mega Brands’ share price has fallen 14 per cent or 71 cents on the Toronto Stock Exchange after issuing its third recall since 2006.
The firm, together with the US Consumer Product Safety Commission, has recalled about 1.1 million Magtastik and Magnetix Jr. items and about 1.3 million MagnaMan magnetic toy figures (pictured).
The recall comes after both organisations received atleast 44 reports of magnets coming loose. The magnets can cause serious injuries if swallowed.
The products, which are no longer in production, were sold in the US between January 2005 and December 2007.
Consumers are asked to stop using the items immediately and return them to Mega Brands for a free replacement toy.
In March 2006 the firm recalled almost four million Magnetix magnetic building sets. This was expanded in April 2007 after further injuries to children were reported.
It has since undergone a complete revamp of its magnetics product range with the launch of the new, safer, Magnext line.