Johnson & Johnson plans to buy back up to $5 billion of the company’s stock after a Reuters report that J&J knew for decades that its Baby Powder contained cancer-causing asbestos wiped about $40 billion from its market value.
Shares of Johnson & Johnson tumbled 12 percent after Reuters reported that the pharma major knew for decades that cancer-causing asbestos lurked in the company’s Baby Powder.
A California jury cleared J&J of liability in a case involving a woman who alleged that the company’s talc-based products – including its baby powder – contain asbestos and caused her cancer.
Johnson & Johnson vowed to appeal a $4.7 billion verdict awarded to 22 women who claim asbestos-contaminated talc in the company’s products gave them ovarian cancer by arguing the plaintiffs’ science was flawed and the case should not have been heard in Missouri.
A Missouri jury ordered Johnson & Johnson to pay a record $4.69 billion to 22 women who alleged the company’s talc-based products, including its baby powder, contain asbestos and caused them to develop ovarian cancer.
Johnson & Johnson and its talc suppliers were hit with a jury verdict in a lawsuit by a woman who said she developed cancer after being exposed to asbestos in the company’s Baby Powder.
A California jury ruled in favor of Johnson & Johnson in a lawsuit by a woman who said she developed the cancer mesothelioma after being exposed to asbestos in the company’s talc-based products including J&J’s Baby Powder.