Thursday, January 06, 2011

Shareholders Fight Back In Suit Against Johnson and Johnson

Johnson and Johnson shareholders have accused the company of ignoring "red flags" that predated J and J product recalls and government investigations into J and J earlier this year.

The shareholders have sued company executives and have asked for damages. The suit claims the company received "years of red flag warnings of systemic misconduct" but did nothing.

The government is "investigating whether J and J illegally marketed drugs and devices for uses not approved by the Food and Drug Administration and paid kickbacks."

Read: David Voreacos and Alex Nussbaum , Bloomberg: J and J Directors Ignored ‘Red Flags’ on Recalls, Probes…

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