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NEW BRUNSWICK, United States – Johnson & Johnson chief executive Alex Gorsky on Monday (Jan 27) 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.
Gorsky told the jury that he had sold company shares in November 2018, two days after a Reuters reporter contacted the company and summarized in an email her review of documents that showed J&J knew small amounts of asbestos had been found in its talc on occasion since 1971.
Gorsky testified that he was not shown the email from the Reuters reporter at the time of the stock sale.
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 US$40 billion (S$54.3 billion) from the company’s market value.
At the time, J&J dismissed the Reuters’ report as “an absurd conspiracy theory.”
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