Johnson & Johnson Subpoenaed Over Baby Powder Concerns
On Wednesday, February 20, Johnson & Johnson revealed that the company received subpoenas from the U.S. Justice Department and the Securities and Exchange Commission (SEC). The subpoenas are related to the litigation regarding alleged asbestos contamination in J&J’s baby powder.
Johnson & Johnson has said it will “cooperate fully with these inquiries and will continue to defend the Company in the talc-related litigation.”
This follows a Reuters report from December 2018 that stated Johnson & Johnson knew its talcum powder contained asbestos. On that day, J&J’s shares dropped significantly, losing $40 billion in market value.
J&J shares fell another 2.1 after news broke that it was being subpoenaed.
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