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Johnson & Johnson inventory was soaring in immediately after-hours investing.
Mark Ralston/AFP by way of Getty Pictures
Johnson & Johnson
stock is soaring in after-hours trading right after the business declared a virtually $9 billion settlement in excess of statements that its talcum powder triggers cancer.
In a press launch, Johnson & Johnson reported that its subsidiary, LTL Administration, would refile for personal bankruptcy safety and be funded with $8.9 billion in excess of 25 a long time to cover talc liabilities. “Importantly, neither LTL’s authentic filing nor this re-submitting is an admission of wrongdoing, nor an indicator that the Enterprise has adjusted its longstanding placement that its talcum powder products are secure,” the press release said.
Johnson & Johnson has a current market benefit $408 billion as of Tuesday’s close, which may explain why the inventory was up 3%, to $163.18, in after-hrs trading.
Produce to Ben Levisohn at ben.levisohn@barrons.com
