Johnson & Johnson (JNJ) Stock | Long Term Analysis | Overvalued or Undervalued | Description video: Johnson \u0026 Johnson (JNJ) stock, in this video we discuss whether the stock is overvalued or undervalued and give a long term analysis on […]
Johnson & Johnson (JNJ) Stock | Long Term Analysis | Overvalued or Undervalued |
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Reduction of the amount of the fine Johnson & Johnson provoked the growth of the company’s shares
Oklahoma judge ordered Johnson & Johnson to pay the government $ 572.1 million for the sale of addictive opioid pain relievers. The amount set by the court turned out to be significantly less than investors expected, and provoked an increase in the company’s shares.
The state attorney general filed a lawsuit demanding $ 17 billion to address the impact of the drug crisis on Oklahoma. Among all other cases involving prohibited substances, the proceedings against J&J were paramount.
«The fine was expected to be between $ 1.5-2 billion», – said Jared Holtz, health strategist for Jefferies & Co.
Despite this, J&J said she would appeal the decision.
The company’s shares rose 2%. Other drug makers that sell opioid pain relievers and are defending against similar lawsuits have also seen growth. Teva Pharmaceutical Industries Ltd gained 2.6% and Endo International Plc up 1.4%.
In the period from 1999 to 2017, about 400 thousand people died from an overdose of opioid drugs. In Oklahoma alone, nearly 6,000 residents have overdosed since 2000, according to state lawyers..
Approximately 2,500 lawsuits have been filed by states, counties and municipalities nationally in an effort to attract drug manufacturers to account for the abuse of opioids throughout the country. Proceedings with J&J had paramount importance.
State attorneys demanded that J&J helped cope with the epidemic over the next 30 years by funding drug treatment and prevention programs.
Joe Rice, lead attorney for the plaintiff during the trial, said that if Oklahoma’s decision was extrapolated to other states, it could mean an annual reduction costs of about $ 38 billion.
In J&J stated that the Oklahoma court failed prove that the company’s products and activities have caused public concern and harmed citizens.