New York: Stocks took another dive Friday. The Dow slid nearly 500 points. Johnson & Johnson also weighed down the index, falling more than ten percent after it was reported the company may have known for decades that its baby powder sometimes contained asbestos.
The company has been battling more than 10,000 cases claiming its Baby Powder and Shower to Shower products cause ovarian cancer. The products have also been linked with mesothelioma, a rare and deadly form of cancer that affects the delicate tissue that lines body cavities.
The report also states that J&J denied the claim. Baby powder was asbestos-free, the company states according to the report.
Johnson & Johnson Chairman and Chief Executive Officer Alex Gorsky have pledged to fight on, telling analysts in July: “We remain confident that our products do not contain asbestos.”
Most internal Johnson & Johnson asbestos test reports Reuters reviewed do not find asbestos. However, while Johnson & Johnson ‘s testing methods improved over time, they have always had limitations that allow trace contaminants to go undetected – and only a tiny fraction of the company’s talc is tested.
