The share buyback plan has no time limit and may be suspended or discontinued, J&J said. Following news of the plan, shares were up about 1 percent.
Reuters published an in-depth report Dec. 14 that said the healthcare conglomerate knew for decades its talc baby powder contained asbestos and failed to disclose it to regulators or the public. The report sent J&J’s shares plummeting 10 percent in its worst trading day in 15 years, and shares lost another 2.9 percent Dec. 17, according to CNBC.
J&J has vigorously defended its product, saying any suggestion that “Johnson & Johnson knew or hid information about the safety of talc is false,” according to Reuters.
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