Thread: Johnson & Johnson shares plunge - company knew asbestos was in its baby powder

Johnson & Johnson's (JNJ) stock tumbled 10% on Friday — wiping out close to $40 billion of its market value — after a Reuters report said the company knew for decades that asbestos was in its baby powder.

The company has been grappling with lawsuits alleging some of its talcum powder products caused cancer. But the Reuters report cites documents and other evidence that indicate company executives, mine managers, scientists, doctors and lawyers knew about the problem and failed to disclose it to regulators or the public.

It was J&J's worst day since 2002.

The plunge in J&J's shares rippled across Wall Street. J&J is among the most widely held stocks and it's also a member of the Dow.

Reuters said it examined documents, including depositions and trial testimony, that show that from at least 1971 to the early 2000s, J&J's raw talc and finished baby powders sometimes tested positive for small amounts of asbestos, a human carcinogen that can cause cancer.

According to Reuters, the documents also depict successful efforts to influence US regulators' plans to limit asbestos in cosmetic talc products and scientific research on the health effects of talc.

"The Reuters article is one-sided, false and inflammatory," Johnson & Johnson said in a lengthy statement about the report. "Johnson & Johnson's baby powder is safe and asbestos-free."

The company said that "thousands of tests" by Johnson & Johnson, regulators, independent labs, and academic institutions have shown that its talc does not contain asbestos. The company said that it has fully cooperated with the Food & Drug Administration and other global regulators over decades, and used the "most advanced testing methods available" to ensure that its cosmetic talc is asbestos-free.

On July 19, 2002, shares of Johnson & Johnson tumbled 16% as federal regulators investigated a former employee's allegations of false record-keeping at a plant that made an anemia drug linked to serious side effects.

https://us.cnn.com/2018/12/14/busine...tos/index.html

Who do they think they are...the "chinkies?"

https://www.npr.org/templates/story/...oryId=11656278

Originally Posted by SKkin

Who do they think they are...the "chinkies?"

https://www.npr.org/templates/story/...oryId=11656278

No, they're smarter because they managed to keep it quiet for decades.

You'd like to think they'd get their arse reamed but they'll pay people off and get a slap on the wrist.

i can remember my mum putting their powder on my bum,now when i look at my bum in the mirror its wrinkled like an old orange skin.i might have a claim.

Originally Posted by harrybarracuda

Johnson & Johnson's (JNJ) stock tumbled 10% on Friday — wiping out close to $40 billion of its market value — after a Reuters report said the company knew for decades that asbestos was in its baby powder.

The company has been grappling with lawsuits alleging some of its talcum powder products caused cancer. But the Reuters report cites documents and other evidence that indicate company executives, mine managers, scientists, doctors and lawyers knew about the problem and failed to disclose it to regulators or the public.

It was J&J's worst day since 2002.

The plunge in J&J's shares rippled across Wall Street. J&J is among the most widely held stocks and it's also a member of the Dow.

Reuters said it examined documents, including depositions and trial testimony, that show that from at least 1971 to the early 2000s, J&J's raw talc and finished baby powders sometimes tested positive for small amounts of asbestos, a human carcinogen that can cause cancer.

According to Reuters, the documents also depict successful efforts to influence US regulators' plans to limit asbestos in cosmetic talc products and scientific research on the health effects of talc.

"The Reuters article is one-sided, false and inflammatory," Johnson & Johnson said in a lengthystatement about the report. "Johnson & Johnson's baby powder is safe and asbestos-free."

The company said that "thousands of tests" by Johnson & Johnson, regulators, independent labs, and academic institutions have shown that its talc does not contain asbestos. The company said that it has fully cooperated with the Food & Drug Administration and other global regulators over decades, and used the "most advanced testing methods available" to ensure that its cosmetic talc is asbestos-free.

On July 19, 2002, shares of Johnson & Johnson tumbled 16% as federal regulators investigated a former employee's allegations of false record-keeping at a plant that made an anemia drug linked to serious side effects.

https://us.cnn.com/2018/12/14/busine...tos/index.html

Sigh!...

Hard to believe in this age of whistleblowers how they kept this under wraps for decades. I have no reason to dispute what VN says, but that's not the way parents and other users around the world will see it.

Time to take a deep breath and start prosecuting those at the top, personally, financially and criminally.

The old Silverstein had known better how to rid off asbestos, hadn't he?

Originally Posted by jabir

Hard to believe in this age of whistleblowers how they kept this under wraps for decades. I have no reason to dispute what VN says, but that's not the way parents and other users around the world will see it.

Time to take a deep breath and start prosecuting those at the top, personally, financially and criminally.

If you actually believe that ^ will ever happen,...then you're certainly not that thinking person...I've always given you recognition for being...

It's just a tin foil hatted conspiracy theory. Even Johnson and Johnson say it's an "absurd conspiracy theory" so it must be.

https://edition.cnn.com/2016/02/25/h...hln/index.html

CNN back in 2016 paint a rosy picture that its all really just a conspiracy theory, and as long as you don't snort it, Talc is fine. They do focus on generic talc, and not the J&J baby powder which is at the heart of the law suits and conspiracy theory though but that is clearly a typo. Just like J&J, CNN would never mislead of lie.

Originally Posted by TuskegeeBen

If you actually believe that ^ will ever happen,...then you're certainly not that thinking person...I've always given you recognition for being...

Never said it's a perfect world, or sane.