New Jersey: Johnson & Johnson’s (J&J’s) witnessed a drop of over 8.3% on Friday’s after a Reuters report stated that the company knew for decades that asbestos was sometimes present in its baby powder. This comes after the company was in news in February for asbestos presence in baby powder.
The shares of Johnson & Johnson (J&J) fell as much as 11% on Friday. In July, a jury ordered the company to pay nearly $47 billion to women who claimed asbestos in the products caused them to develop ovarian cancer.
“J&J has been facing talc/asbestos litigation for years,” Claps wrote in response to questions. He said there have been a number of trials where plaintiffs showed evidence suggesting the company knew and concealed the risks.
In September 2017, Bloomberg News had reported that documents unsealed in a lawsuit revealed that J&J has known for decades that its talc products include asbestos fibers and that the exposure to those fibers can cause ovarian cancer. Litigation analysts Aude Gerspacher and Holly Forum estimate that the company could be on the hook for as much as $10-20 billion in settlements from an estimated 11,000 pending talc cases.
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Ms Kalinga