Stories
Slash Boxes
Comments

SoylentNews is people

posted by martyb on Monday December 17 2018, @12:19AM   Printer-friendly
from the Taking-a-powder dept.

Johnson & Johnson's stock slammed after report it knew of asbestos in baby powder

Shares of Johnson & Johnson tumbled Friday, after a Reuters report that the drug and consumer-products company knew for decades that its baby talcum powder was contaminated with asbestos, a known carcinogen, that is alleged to have caused cancer in thousands of its customers.

The stock ended 10% lower on Friday, marking its largest one-day percentage decline in 16 years and lowest close in nearly four months, according to FactSet data. It led decliners on the Dow Jones Industrial Average and the S&P 500 on the day, and accounted for about 101 points of the Dow's 497-point loss.

[...] Reuters said an examination of internal company memos and other documents found the New Jersey–based company was aware of the presence of small amounts of asbestos in its products from as early as 1971 but failed to disclose that fact to regulators or to the general public.

Reuters stands by J&J report, says it was based 'entirely' on Johnson & Johnson documents

Reuters reporter Lisa Girion stands by her report that Johnson & Johnson knew for decades that asbestos was in its baby powder. "Our report on the fact that J&J was aware of small amounts of asbestos in its talc, in its baby power, in the ore that it mined in Vermont to make baby power, is based entirely on their documents," Girion told CNBC's "Power Lunch" on Friday.

The Reuters story sent J&J shares down 9 percent on Friday and prompted a response from the health-care company that called the article "one-sided, false and inflammatory." "Simply put, the Reuters story is an absurd conspiracy theory, in that it apparently has spanned over 40 years, orchestrated among generations of global regulators, the world's foremost scientists and universities, leading independent labs, and J&J employees themselves," the company said in a statement.

See also: Asbestos Opens New Legal Front in Battle Over Johnson's Baby Powder
Those J&J Baby-Powder Lawsuits Aren't Going Away
Johnson & Johnson loses $39.8 billion in market value in one day after report claims it knew about asbestos in its baby powder

Previously: The Baby Powder Trials: How Courts Deal with Inconclusive Science
Johnson & Johnson Ordered to Pay $417m in Latest Talc Cancer Case
$417 Million Talc Cancer Verdict Against Johnson & Johnson Tossed Out
Johnson & Johnson Loses New Jersey Talc Cancer Case


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 3, Interesting) by JoeMerchant on Monday December 17 2018, @11:54AM

    by JoeMerchant (3937) on Monday December 17 2018, @11:54AM (#775354)

    There is literally nothing as a replacement, that works well, that isn't a health risk.

    I self installed 2400 square feet of 6" fiberglass encapsulated batts, they were pretty benign compared to the standard stuff, and less than $100 more expensive for the job IIRC. Sure, if you tore into them carelessly you expose the nasty stuff, but 99% of the job was itch free, and after installation they covered the old insulation in the attic which I believe also reduced airborne fibers.

    The whole damn construction industry is structured around shaving the last possible percentage point out of materials cost. Most of the materials decisions are made by contractors, not the sub-contractors who work with the material and not the owners who live with the material, but the contractors who profit directly from material cost reduction. Every single thing I have ever failed to specify, in writing, or supply to a contractor has consistently been provided as the absolute cheapest garbage imaginable - stuff that fails after a year or two instead of the twenty or fifty years that would have been possible for a 10% increase in materials cost. Sure, I don't recommend or use those assholes again after they pull that stunt on me, but they're not hurting for work.

    --
    🌻🌻 [google.com]
    Starting Score:    1  point
    Moderation   +1  
       Interesting=1, Total=1
    Extra 'Interesting' Modifier   0  
    Karma-Bonus Modifier   +1  

    Total Score:   3