Johnson & Johnson announced a voluntary recall of its popular baby powder after some bottles were found to contain small amounts of asbestos
Shares of J&J fell 6%, making it the second worst-performing stock in the Dow Jones Industrial Average. The drop in J&J, along with a slide in Boeing , dragged down the broader market Friday. J&J's stock is now down slightly in 2019. The company, along with other health care stocks, has lagged the broader market due to a series of legal concerns. But J&J has arguably the greatest risk of all the top Big Pharma firms.
" "Thousands of tests over the past 40 years repeatedly confirm that our consumer talc products do not contain asbestos," the company added. Still, asbestos allegations aren't the only legal headache for J&J. Earlier this month, a Pennsylvania jury also ruled that J&J must pay $8 billion in punitive damages following a man's claim that the company didn't warn young men that they could grow breasts after using the antipsychotic drug Risperdal.
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