The Food and Drug Administration (FDA) found asbestos in trace amounts in the Johnson & Johnson (JNJ) baby powder after which the company was forced to recall 33,000 bottles of the product. The company announced the recall on Friday after which its shares fell 6% on the market.
A first for J&J’s iconic product
Last week’s recall marks the first time the baby powder is linked with asbestos by US health regulators and the first time it has been recalled. The 130-year-old company is already facing thousands of lawsuits in the US related to its products, including its baby powder. Note that asbestos is a carcinogenic substance and has been linked to mesothelioma as well.
The company’s antipsychotic drug Risperdal, its medical devices and its role in fueling the opioid crisis is costing the company century-old reputation. Interestingly, Johnson & Johnson (JNJ) has decided to aggressively fight all the claims in court instead of settling.
The results of the court fights haven’t been supportive of J&J’s agenda. A jury recently ordered conglomerate to pay $8 billion a plaintiff whose life was adversely affected because of the Risperdal. The company reportedly undermined the risks associated with the drug. Over 15,000 lawsuits pending against the company are related to its talc products alone, connecting them with cancer.
J&J isn’t satisfied with the FDA verdict
Head of women’s health at Johnson & Johnson (JNJ), Dr. Susan Nicholson said on Friday that the FDA finding asbestos in their baby powder is “extremely unusual.” She added that the FDA is “inconsistent with our testing to date.” It also suggested that the FDA didn’t find any asbestos in the talc when it tested its baby powder last month. However, it decided to voluntarily recall one batch of products produced in 2018 in the US.
The FDA released a statement saying that it started testing the cosmetic products containing talc last year. It said that it tested two different batches of the company’s baby powder, one of which tested negative for asbestos. It stood by its test results and urged consumers not to use the company’s products if they were from the affected lot.
Johnson & Johnson (JNJ) confirmed that it received the FDA report on October 17 and is conducting an internal investigation into the findings. It is also started data collection to determine which areas received the affected products. It is also working with the FDA to check the integrity of the tested sample.
Trusted & Regulated Stock & CFD Brokers
What we like
- 0% Fees on Stocks
- 5000+ Stocks, ETFs and other Markets
- Accepts Paypal Deposits
Min Deposit
$200
Charge per Trade
Zero Commission on real stocks
64 traders signed up today
Visit Now67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Available Assets
- Total Number of Stocks & Shares5000+
- US Stocks
- German Stocks
- UK Stocks
- European
- ETF Stocks
- IPO
- Funds
- Bonds
- Options
- Futures
- CFDs
- Crypto
Charge per Trade
- FTSE 100 Zero Commission
- NASDAQ Zero Commission
- DAX Zero Commission
- Facebook Zero Commission
- Alphabet Zero Commission
- Tesla Zero Commission
- Apple Zero Commission
- Microsoft Zero Commission
Deposit Method
- Wire Transfer
- Credit Cards
- Bank Account
- Paypall
- Skrill
- Neteller
What we like
- Sign up today and get $5 free
- Fractals Available
- Paypal Available
Min Deposit
$0
Charge per Trade
$1 to $9 PCM
Visit Now
Investing in financial markets carries risk, you have the potential to lose your total investment.
Available Assets
- Total Number of Shares999
- US Stocks
- German Stocks
- UK Stocks
- European Stocks
- EFTs
- IPOs
- Funds
- Bonds
- Options
- Futures
- CFDs
- Crypto
Charge per Trade
- FTSE 100 $1 - $9 per month
- NASDAQ $1 - $9 per month
- DAX $1 - $9 per month
- Facebook $1 - $9 per month
- Alphabet $1 - $9 per month
- Telsa $1 - $9 per month
- Apple $1 - $9 per month
- Microsoft $1 - $9 per month
Deposit Method
- Wire Transfer
- Credit Cards
- Bank Account
Share
