Johnson & Johnson Stock Crashes: Asbestos FDA Discovery
Johnson & Johnson is already facing thousands of lawsuits related to its baby powder product.
Now the company is seeing the stock crash as a FDA report comes out that it found traces of asbestos in a bottle of baby powder it found online.
The company is looking into the situation to see if the bottle came from one of its warehouses.
Johnson & Johnson shares have not done well this year, lagging behind the market.
A batch of the baby powder is being recalled which led a drop over 5% in the stock price. This totals about 33,000 bottles.
The entire situation was uncovered when it came to light that the company knew that this product was laced with small amounts of asbestos since 2003. Since that time, all of the powder came from a Chinese supplier.
Johnson & Johnson Baby Powder is one of the iconic American brands. The company had a blight on its record already. Back in the 1980s, there was the Tylenol cyanide scare. A number of bottles were tainted with cyanide causing a nationwide scare. To its credit, the company recalled all the bottles of Tylenol immediately to stop the crisis.
This time, it looks a lot worse for Johnson and Johnson. If the company did know, they could really be in for major liability. With thousands of lawsuits outstanding, it will take years to get through them all.
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Yeah I had bought some LEAP call options when news about the talc issue came out and price fell to $125, but I got out some months later as price didn't rebound as strong as I would of like it. I believe J&J dodged a bullet with the opioid crisis, but this talc thing will keep them busy for a while.
I hope they suffer many losses in court and in market share.
Looking at your sign of wing tip and the message that Steem is bigger than Steemit - not quite certain how you work that out.
If I want to belong to this or any other of the 'tribe' platforms, I cannot post or comment without it being shown on Steemit...but if I post on Steemit, without a PalNet tag, no mention here.
For instance, I want all my posts and comments on Steemit to Decline Payout...but by doing so there, automatically it happens here. It was not want I wanted, But I have to live with it.
To me, it means all the tribe platforms basically belong to steemit - or are controlled by them.
Splinterlands and Steem-Engine both post to the blockchain and are part of the ecosystem yet do not post on Steemit.
The same holds true for the gaming applications.
There are a lot of things being developed that are not posted necessarily on Steemit. The ecosystem is a becoming a lot bigger than Steemit.
Thank you for posting from the https://steemleo.com interface 🦁