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Johnson & Johnson Shares Fall as Judge Rejects $10 Billion Talc Settlement
Johnson & Johnson (JNJ.US) shares fell more than 3.5% to $159.60 in premarket trading Tuesday after a U.S. bankruptcy judge rejected the company’s $10 billion proposal to resolve thousands of lawsuits alleging its talc products cause cancer.
The ruling marks the third time J&J’s bankruptcy strategy has failed in court. Judge Christopher Lopez determined that the company’s voting process was flawed and that at least half of the votes cast “cannot count.”
Rather than appeal, Johnson & Johnson announced it would “return to the tort system to litigate and defeat these meritless talc claims” and will reverse approximately $7 billion previously set aside for settlement.
The company faces around 90,000 pending claims but maintains its products are safe and do not cause cancer. J&J stopped selling talc-based baby powder in the U.S. in 2020, switching to a cornstarch formulation.
Despite this setback, J&J’s stock had gained roughly 15% year-to-date before the ruling.
Johnson & Johnson (D1 Interval)
The stock is trading near the 50-day SMA in premarket trading, which aligns with the 38.2% Fibonacci retracement level. Bears may target a retest of the 200-day SMA at $156.21, followed by the 100-day SMA. The RSI has failed to break its bearish divergence, maintaining lower highs, while the MACD remains narrow after a bearish crossover.
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