J&J Faces Shareholder Action Over Drug Woes

Law360, New York (September 22, 2010, 12:20 PM EDT) -- Johnson & Johnson has been hit with a putative shareholder class action alleging a failure to disclose manufacturing violations that led to several recalls of popular children’s medications and government scrutiny, and caused the health care company’s stock to tank.

A complaint filed Tuesday by stockholder Ronald Monk in the U.S. District Court for the District of New Jersey accuses the company, CEO William Weldon and Chief Financial Officer Dominic Caruso of violating the Securities Exchange Act.

The suit also targets Peter Luther, president of McNeil-PPC...
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