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Financial Markets J&J slides after jury orders it to pay $8 billion in male breast-growth case (JNJ)


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Financial Markets J&J slides after jury orders it to pay $8 billion in male breast-growth case (JNJ)

Mario Tama/Getty Images A Philadelphia jury ruled Johnson & Johnson must pay $8 billion in damages to a man claiming the company didn’t properly warn male consumers its Risperdal drug could prompt breast growth. The company’s stock fell as much as 1.5% on Wednesday following the Tuesday decision. The case, brought by Nicholas Murray, is…

Financial Markets J&J slides after jury orders it to pay $8 billion in male breast-growth case (JNJ)

Financial Markets

Financial Markets johnson and johnson Mario Tama/Getty Images

  • A Philadelphia jury ruled Johnson & Johnson must pay $8 billion in damages to a man claiming the business didn’t appropriately alert male customers its Risperdal drug could prompt breast development.
  • The business’s stock fell as much as 1.5%on Wednesday following the Tuesday choice.
  • The case, brought by Nicholas Murray, is among 13,400 Risperdal-related lawsuits, according to J&J’s most current SEC filings.
  • Watch J&J trade live here

A Philadelphia jury bought Johnson & Johnson to pay $8 billion in damages to a male claiming the business didn’t warn male consumers its Risperdal drug could result in breast growth.

J&J fell as much as 1.5%in early Wednesday trading following the Tuesday decision. The case, brought forth by Nicholas Murray, is one of 13,400 suits connected to Risperdal, according to the company’s newest SEC filings.

Murray’s attorneys claimed the drug, which is recommended to treat schizophrenia, bipolar condition, and other psychological health disorders, can create a hormone imbalance and elevate production of prolactin. The hormonal agent can prompt the development of female breast tissue in guys.

Murray, 26, was granted countervailing damages of $680,000 in2015 The $8 billion amount is likely to be lowered on premises that it breaks due procedure.

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” This award is grossly disproportionate with the preliminary offsetting award in this case, and the Company is positive it will be reversed,” J&J stated in a declaration

The company referenced a 2003 Supreme Court ruling which states punitive damages awards “that are a double-digit multiplier” of the offsetting award need to be discarded.

” We will be immediately transferring to reserve this extreme and unproven decision,” the company included.

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J&J opened at $13056 per share Wednesday, up roughly 2%year-to-date.

The firm has 12 “purchase” scores, 11 “hold” ratings, and one “sell” score, with a consensus cost target of $14853, according to Bloomberg information.

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