Amazon has a chance to overturn union vote at Staten Island warehouse
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Amazon (NASDAQ:AMZN) earned a crucial hearing that could overturn the union election at a company warehouse in New York City.
The development happened after the e-commerce giant complained to the National Labor Relations Board that the Brooklyn office intimidated workers to vote in their favor.
NLRB director Cornele Overstreet said the evidence behind Amazon's claims "could be grounds for overturning the election," according to a filing on the matter. Amazon (AMZN) and the union can start to present testimony on May 23 in process that could take weeks before a formal hearing will be scheduled.
About 55% of employees who voted Amazon's JFK8 warehouse in Staten Island favored joining the Amazon Labor Union in a bid for higher pay and job security. The union vote rocked the retail sector and reset some analyst expectations on Amazon (AMZN).
Shares of Amazon (AMZN) fell 1.48% premarket to $2,448.93.
Amazon was named one of Morgan Stanley's highest conviction stock picks earlier on Monday.