TELETRADER News
1/30, 7:40 PM
(Source: TeleTrader)
J&J to challenge bankruptcy ruling
Johnson & Johnson (J&J) announced on Monday that it intends to challenge the decision of the Third Circuit Court of Appeals which rejected its bankruptcy strategy earlier in the day.
The company's spokeswoman Allison Fennell reiterated that J&J continues "to stand behind the safety of Johnson’s Baby Powder, which is safe, does not contain asbestos and does not cause cancer," pledging to resolve the issues surrounding bankruptcy proceedings "as quickly and efficiently as possible in the best interests of claimants and all stakeholders."
J&J's shares dropped 3.22% at 1:24 pm ET to sell for $162.82.