Johnson & Johnson Share Drop Down to 10% after Asbestos Report

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Johnson & Johnson

According to report published by the Reuter which claims that the U.S. multinational pharmaceuticals company, Johnson & Johnson knew that their baby powder contains asbestos in it. The report comes after the pharmaceutical giant faced a several lawsuits which claims that their product lead to cancer.

Moreover, the report published by the Reuters also states that the Johnson & Johnson share drop down to more than 10 percent on Friday.

Johnson & Johnson Denies Report about Asbestos in their Popular Baby Talc

The review document accessed by the Reuters states that the company was aware about the presence of asbestos ever since 1971. Meanwhile, the Johnson & Johnson lawyers claimed that their popular product Johnson & Johnson talc does not contain asbestos and it is safe to use. They also stated that the Reuters article is one-sided false report and the company (Reuters) has published this story to malign the image of Johnson & Johnson. Moreover, to prove their stand Reuters had reviewed Johnson & Johnson trial documents, which later on seized by the court instruction.

The overall shares of pharmaceutical company cut down by 10% to $132.95 in New York after previously reaching as low as $130.20.

Tom Claps a Susquehanna lawsuit analyst also stated that the Reuters published report is not new report. Earlier in July, a panel of judges ordered the pharmaceuticals giant to pay $4.69 billion to a women who claimed asbestos in their product which caused them to grow ovarian cancer.

According to report, not only this earlier also Johnson & Johnson had faced close to 54,000 lawsuits against its genital mesh for apparently causing injuries and complications.

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