Despite the trade wars going on in other parts of the news today, something has happened with one of America’s leading pharmaceutical manufacturers today. Johnson & Johnson, one of the largest and oldest manufacturers of numerous pharmaceutical medicines, ended up being fined by an Oklahoma judge to pay the state of Oklahoma 572 million dollars, which was 17 billion less than the penalties that were originally anticipated during the opioid fine case.
Because of one of their companies, Teva Pharmaceutical and Purdue Pharma (both private makers of the drug OxyContin that are one of the major contributors of the opioid crisis in America). Because both companies denied being any part of wrongdoing, Johnson and Johnson was the only person left during the trial to take the blunt of everything.
Monday, the judge said that Johnson and Johnson were the reasons why the “menace” of OxyContin was rampant in the state. However, due to the plummet of the Johnson and Johnson shares during the time of the trial and afterwards, many pharmaceutical companies began swarming the market, buying up numerous shares of the company when it was on the low side, which resulted in a $13.5-billion-dollar market cap later on that evening. That is more than a five percent gain for the companies.
Unfortunately, it turns out that Janssen, a pharmaceutical subsidiary of J&J was called out to be the company that caused an opioid crisis in Oklahoma, but the truth is that Janssen, nor Johnson and Johnson, who is very much against the opioid crisis in America are claimed not to be of blame as their counsel, Michael Ullmann, later stated. Johnson and Johnson is taking steps to appeal the case against them as early as possible.