Over 60,000 claims filed! Can Johnson & Johnson escape? The judge's stance is unwavering!
TradingKey - Johnson & Johnson (JNJ) is trying to handle claims through a bankruptcy plan. But the judge rejected it. The stock price may continue to decline.
On Tuesday, the stock opened lower following the ruling and fell 7.59%, closing at $153.25—its lowest level since mid-February.
Johnson & Johnson stock price trend chart, source: Google.
Over 60,000 people are seeking compensation claiming that Johnson & Johnson's talc products contain asbestos and caused ovarian cancer. The company maintains that its products are safe and asbestos-free. To manage the legal liabilities, it transferred talc-related debts to a subsidiary, which subsequently filed for bankruptcy protection.
Johnson & Johnson asserts that it has secured enough votes from claimants to proceed with the bankruptcy process. However, Houston Judge Christopher Lopez firmly rejected that claim, stating that at least half the votes are invalid.
Notably, this marks Johnson & Johnson’s third attempted at litigation related to the talc cases—none of which have received judicial approval. As a result, the company’s stock may continue to face downward pressure.
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