J&J To Pay $23M To Settle Investors' Drug Recall Suit
By Kurt Orzeck (July 16, 2013, 4:28 PM EDT) -- Johnson & Johnson will pay $23 million to settle a shareholder class action alleging that the company failed to disclose manufacturing violations leading to the biggest recall of over-the-counter children's medicine in U.S. history, according to a Monday filing in New Jersey federal court.
Lead plaintiff Ronald Monk alleged that revelations over J&J's quality control failures in July 2010 led to a drop in the company's stock price, from $59.57 to $57.12, and that shareholders suffered as a result. The class consists of the thousands of individuals who bought J&J stock from Oct. 14, 2008, to July 21, 2010.
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