J&J (JNJ) Recalls Baby Powder Batch As FDA Finds Asbestos
Zacks Investment Research | Oct 21, 2019 12:24AM ET
Shares of Johnson & Johnson (NYSE:JNJ) fell more than 6% on Friday after it announced voluntary recall of one lot of Johnson’s Baby Powder product in the United States. The recall was initiated following a test done by the FDA, which revealed traces of asbestos, a known carcinogen, in samples from one bottle purchased online.
J&J said that it has initiated an investigation into the matter. It said it is working with the FDA to find out the validity of the test as well as whether the tested product was authentic or counterfeit. J&J also said it is not sure whether cross-contamination of the sample caused a false positive or whether the product was appropriately sealed and maintained in a controlled environment.
J&J’s stock has declined 1.1% this year so far compared with a decrease of 0.3% recorded by the Zacks Investment Research
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