12/14/2018, 7:12 PM (Source: TeleTrader)
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J&J denies report on asbestos in baby powder

American pharmaceutical giant Johnson & Johnson (J&J) strongly and thoroughly denied a report that alleged it knew for decades that its baby powder contains the carcinogenic asbestos.

The allegations circulating in the media are "one-sided, false and inflammatory" the company said in a statement, calling the report by Reuters an "absurd conspiracy theory." It claimed that thousands of studies confirm that its famous baby talc does not contain asbestos, not does it "cause cancer or asbestos-related disease."

J&J added that the report in question did not take into account the material provided to its authors by the company and its attorneys.

After the report came out, J&J shares plunged over 10% at session lows. At 7:11 pm CET, they fell 8:01% to the lowest point since mid-August, at $136 per share.

Baha Breaking News (BBN) / NI