Johnson & Johnson stocks plunge after baby powder recall

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Shares plunged 3 per cent after the recall, which was sparked by asbestos concerns, was announced today.

Johnson & Johnson said it had initiated the voluntary recall of batch of baby powder, made and shipped in the US in 2018, out of “an abundance of caution”.

Lawyers said the company knew its talc was contaminated with asbestos since the 1970s but failed to warn shoppers.Johnson & Johnson insists its talc products, including Baby Powder, are safe and don’t cause cancer. Picture: Lucas Jackson/Reuters.J & J denied that its products ever contained asbestos and insists they do not cause cancer.

A study commissioned by the FDA, which included testing a variety of talc samples from 2009 to 2010, found no asbestos in any of them.RisperdalThe antipsychotic has been used to treat conditions such as autism — but some boys said they grew breasts, with a devastating effect on their lives. Before losing its U.S. patent exclusivity in 2008, Risperdal was one of Johnson & Johnson’s highest-selling products. Picture: JB Reed/Bloomberg NewsIn August the firm was ordered to pay A$572 million after a judge in Oklahoma ruled it fuelled America’s opioid crisis.

 

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