J&J CEO Offers Mea Culpa Over Stealth Buybacks

Law360, New York (September 30, 2010, 1:24 PM EDT) -- Johnson & Johnson orchestrated a clandestine buyback of adult Motrin products in 2008 and did not alert the U.S. Food and Drug Administration or consumers of the action, CEO William Weldon admitted Thursday to a congressional panel probing the drugmaker's recall of more than 135 million bottles of children's medicines and other drugs.

At a hearing before the House Committee on Oversight and Government Reform, a seemingly contrite Weldon and Johnson & Johnson's Consumer Group Chairman Colleen Goggins answered questions for representatives about the events leading...
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