On Friday, the 18th of October 2019, the New Jersey-based multinational Conglomerate, Johnsons & Johnson, engaged primarily in manufacturing medical devices, pharmaceutical products alongside consumer packaged goods, had issued a public statement saying that it would be recalling roughly 33,000 bottles of baby powder in the United States, as US FDA (Food and Drug Administration) alongside other health regulators had found traces of cancer-causing asbestos at some J&J baby powder bottles purchased online.
Latest FDA finding, which had almost entirely forced the New Jersey-based multinational conglomerate to recall around 33,000 baby talc powder, had stoked a major blow to J&J following an additional $8 billion in punitive measures charged against the company over mischievous marketing of its anti-psychotic drug Risperdal.
In effect, latest J&J recall had met with a sharp plunge of the US-based packaged consumer good manufacture’s share price, while J&J wrapped up Friday’s (October 18th) market with a heavy header of 6.22 per cent to $127.70 a share.
Meanwhile, a healthcare equities strategist in the Jefferies, Jared Holz, had been quoted saying on Friday’s (October 18th) market wrap-up that the Johnson & Johnson had shrugged off more than $10 billion of its market cap this year over accusation of alleged usage of cancer-causing asbestos in its baby talc powder adding, while in a phone interview, the Jefferies’ analyst also added, “This is one single bottle within one lot with barely a trace here. We’ll have to see what other details will emerge as far as this recall. ”