Investors sold off shares of Johnson & Johnson on Friday after a Reuters report said the company knew for decades that its baby powder contained asbestos, an allegation J&J has denied.
Johnson & Johnson lost $39.8 billion in market value Friday, suffering its worst trading day in more than 15 years, after Reuters said the company knew for decades that its baby powder contained asbestos — an allegation the company denied.
J&J said the story was « one-sided, false and inflammatory » and an « absurd conspiracy theory, » according to a statement.
Thousands of lawsuits have accused J&J’s talc-based baby powder for containing asbestos and causing ovarian and other types of cancers.
