Johnson & Johnson Chief Executive Alex Gorsky on Monday faced questions from pla...
NEW BRUNSWICK, N.J. - Johnson & Johnson Chief Executive Alex Gorsky on Monday faced questions from plaintiffs lawyers over the timing of his sale of company stock, as he testified for the first time in a jury trial over allegations that the company’s Baby Powder causes cancer.
On Dec. 14, 2018, Reuters published the story that showed J&J had failed to disclose that small amounts of asbestos, a known carcinogen, had sometimes been found in its talc over several decades. After the Reuters report was published, a selloff wiped out more than $40 billion from the company’s market value.“My trade took place at a time when I did not have that kind of knowledge about the article,” Gorsky said on Monday.
He also acknowledged that he sold less than 10% of his holdings in the company in that transaction and that the shares would be worth more now if he had held onto them. “I was told by the experts in their fields that we were using the most appropriate, most up-to-date technology to make sure our talc was safe,” Gorsky testified.
J&J had fought against the subpoena, arguing that its CEO had no first-hand knowledge about the safety of its powders and that the case involves corporate conduct that occurred long before he joined the company.
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