Johnson & Johnson stock climbs as judge reduces opioid penalty to $465 million
Johnson & Johnson promptly appealed an Oklahoma judge's new ruling on Friday, which reduced the penalty the company must pay over the state's opioid lawsuit from $572 million to $465 million.Oklahoma Judge Thad Balkman originally ordered a $572 million penalty in late August.shares climbed about 3% in midday trading Friday after an Oklahoma judge reduced the penalty the company must pay over the state's opioid lawsuit from $572 million to $465 million.
The subsidiary, Janssen, repeatedly downplayed the risks of its drugs when it trained sales representatives to tell doctors that the risk of addiction was 2.6% or less, the court said. Johnson & Johnson also appealed that decision, arguing that there was not a proper legal basis for Oklahoma to file a "public nuisance" claim against the company.
Johnson & Johnson, along with other pharmaceutical companies, face thousands of lawsuits stemming from the nationwide opioid epidemic.
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