Equities

Reuters reveals Johnson & Johnson knew for decades that asbestos lurked in its Baby Powder

Reuters reveals Johnson & Johnson knew for decades that asbestos lurked in its Baby Powder

A Reuters special report has revealed that Johnson & Johnson (J&J) knew for decades that their Baby Powder was sometimes contaminated with carcinogenic asbestos. J&J kept much of this information from regulators and the public, according to internal documents, but it is now emerging amid thousands of lawsuits alleging that the company’s talc caused cancer. J&J shares plunged at the opening bell on the New York Stock Exchange following the Reuters special report’s release. By mid-day, the stock was down more than 10 percent in its largest single-day drop in 16 years. Trading in J&J shares was heavy, with nearly 28 million shares changing hands by noon, the most in one session’s trading in at least six years.


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