NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, today announced it has filed a federal securities class action lawsuit on behalf of purchasers of the securities of Johnson & Johnson (NYSE:JNJ) between Feb. 22, 2013, and Feb. 7, 2018, both dates inclusive (“Class Period.”) The lawsuit seeks to recover damages for J&J investors under the federal securities laws.
This week, new documents were uncovered as part of existing lawsuits filed by ovarian cancer and mesothelioma victims. The documents indicate J&J knew for decades that cancer-causing asbestos and heavy metals were prevalent in the talc used in its Johnson’s Baby Powder and other products but failed to put a warning label on them. J&J stock prices plummeted after this and earlier disclosures.
According to the lawsuit, throughout the Class Period defendants made false or misleading statements, and failed to disclose that J&J has known for decades that its talc products include asbestos fibers and that the exposure to those fibers can cause ovarian cancer and mesothelioma. J&J’s denials that talc could cause cancer and mesothelioma were materially false and misleading, and the company concealed contingent liabilities and loss of future revenues from the product. As a result of the company’s actions, the lawsuit claims, investors suffered damages when the true details entered the market.
Joining Rosen as co-counsel in the lawsuit is renowned civil rights attorney Ben Crump, who said Johnson & Johnson engaged in “cynical tactics to market these products to women of color, while knowing their potential harm.”
“Johnson & Johnson devalued Black lives by expressly marketing a product to black customers that they knew for decades to be harmful,” Crump said. “Given that many black workers’ retirement funds depend on government pension funds that invest in this stock for their retirement, Johnson & Johnson victimized them twice, jeopardizing their physical and their financial health.”
In the 1990s, Johnson & Johnson began a concerted effort to boost the sales of its baby powder by “targeting” black and Hispanic women, according to a company memorandum made public in recent lawsuits that led to multimillion-dollar verdicts against the powder manufacturer. In the past, African-American women have reported significantly higher use of feminine hygiene products, including genital powder. A 2015 case-control study in Los Angeles found that 44 percent of African-American women reported using talcum powder, compared to 30 percent of white women and 29 percent of Hispanic women.
Rosen said the class action lawsuit has already been filed. Anyone wishing to serve as lead plaintiff, must move the Court no later than April 9, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Anyone wishing to join the litigation should go to http://www.rosenlegal.com/cases-1288.html or contact Phillip Kim or Daniel Sadeh of Rosen Law Firm toll-free at 866-767-3653 or via email at pkim@rosenlegal.com or dsadeh@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors.
Ben Crump is well known for representing clients in a wide range of civil rights cases and is a former president of the National Bar Association. He has been recognized by the National Bar Association as the Nation’s Best Advocate and listed on The National Trial Lawyers’ Top 100 Lawyers. His firm also focuses on practice areas that include class actions, personal injury, wrongful deaths, and workers’ compensation.
The Rosen and Crump firms announced a partnership earlier this year to expand and diversify reach and help bring justice to organizations and individuals impacted by securities fraud and corporate misconduct throughout the world.
