J&J Says No Developments in Justice Probe Over Baby Powder

Date : 07/12/2019 @ 7:58PM
Source : Dow Jones News
Stock : Johnson and Johnson (JNJ)
Quote : 140.98  0.0 (0.00%) @ 1:45PM
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J&J Says No Developments in Justice Probe Over Baby Powder

Johnson and Johnson (NYSE:JNJ)
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By Micah Maidenberg 

Johnson & Johnson on Friday said there were no new developments regarding a Justice Department probe into the company's handling of talcum powder.

The company's statement followed a Bloomberg report that said the U.S. was pursuing a criminal investigation into whether the company lied about alleged cancer risks tied to talcum powder. The story, which cited people familiar with the matter, reduced J&J's share price by as much as 5.6% Friday.

J&J said in February that it had received a subpoena from the Justice Department related to the baby powder. "The implication that there has been a new development in this matter is flatly wrong," a J&J spokesman said in a statement Friday.

Bloomberg didn't immediately respond to a request for comment. J&J shares recently fell 4.2% to $134.15.

A grand jury is examining documents covering what executives at the pharmaceutical and health-products company knew about carcinogens in its products, the Bloomberg report said.

J&J has denied that the powder product contains asbestos or causes cancer.

J&J's talcum powder, aimed at babies, is among New Brunswick, N.J.,-based J&J's most recognizable products and one of the few branded with the company's name. The powder accounts for a fraction of its $81.6 billion in overall sales.

In May, a New York state court jury ordered the company to pay $300 million in punitive damages to a woman who claimed her use of its talc powder caused an asbestos-linked cancer.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

July 12, 2019 15:43 ET (19:43 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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