CASES
Johnson & Johnson (2010)
Class Period: Oct 14, 2008 to Jul 21, 2010
Lead Plaintiff Deadline: Nov 22, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against Johnson & Johnson (2010) (JNJ) ("JNJ" or the "Company") on behalf of all securities purchasers from October 14, 2008 through July 21, 2010, inclusive ("Class Period"), in the United States District Court of New Jersey.
The complaint alleges that Johnson & Johnson failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) Starting in April of 2008, defendants received numerous consumer complaints that Tylenol products made at a manufacturing facility in Las Piedras, Puerto Rico exhibited a "musty" odor. Despite being aware of these complaints, defendants failed to conduct an adequate investigation and failed to notify the U.S. Food and Drug Administration ("FDA") as required; (2) defendants failed to take corrective action when foreign materials and contamination were found in a manufacturing facility in Fort Washington, Pennsylvania from May 2009 to April 2010. Similarly, defendants ignored 46 separate complaints of foreign materials in products made at that facility from June 2009 to April 2010; and (3) in late 2008, defendants learned of potential problems with one of its Motrin products. Rather than issue a public recall, defendants sent contractors out to stores to buy the product back and told the contractors not to mention any recall. After the FDA learned of this "phantom recall," it pressured defendants to publicly recall the products.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.