>> Shares of Johnson & Johnson dropping more than 3% on Monday, extending Friday's slide. The company scrambling to control the damage after a Reuters report showed the company knew cancer-causing asbestos lurked in its baby powder. In response to the report, the company said quote, any suggestion that Johnson & Johnson knew or hid information about the safety of talc is false.
On Monday J&J took out full page ads in major US newspapers titled, Science, not sensationalism. A discerning quote our talc is safe. Reuters investigative correspondent Lisa Girion poured through thousands of J&J's internal documents disclosed in court filings and found the company knew about the presence of small amounts of asbestos in their products as early as the 1970s.
J&J, we can see in the records got reports from several scientists, either working for the company or on their own that identified asbestos, either in baby powder or in talc produced from the mines that the company used for baby powder.>> In the wake of Reuters' investigation, J&J shares plunged 10% on Friday, wiping $40 billion off the firm's market value.
Johnson & Johnson is facing nearly 12,000 lawsuits alleging its talc products caused ovarian cancer and mesothelioma.>> The money really isn't the important part. It's for women to find out what was in talc.>> It's here plaintiffs in California, New Jersey and Missouri won eye-popping jury verdict's against the company.
J&J is appealing those decisions. In three other trials, J&J prevailed. And four lawsuits ended in deadlocked juries.