In re Johnson & Johnson Derivative Litigation
|Court:||United States District Court of New Jersey|
|Case Number:||10-2033 (FLW)|
|Judge:||Freda L. Wolfson|
|Case Contacts:||Mark Lebovitch, Jeroen van Kwawegen|
This is a shareholder derivative action brought by Lead Plaintiff Minneapolis Firefighters' Relief Association and other shareholders of Johnson & Johnson ("J&J" or the "Company"), against J&J's senior management and board of directors (the "Board").
Plaintiffs allege that J&J's senior management and the Board breached their fiduciary duties by permitting and fostering a culture of systemic and widespread legal violations in J&J's manufacturing and marketing of numerous drugs and medical devices. On August 17, 2010, the Court consolidated the pending J&J federal derivative actions and appointed BLBG as Co-Lead Counsel.
On December 17, 2010, BLBG filed an amended, consolidated and verified complaint (the "Amended Complaint") alleging, among other things, that J&J's senior management and Board deliberately ignored an avalanche of red flags about persistent legal and compliance violations concerning the Company's drug and medical device manufacturing processes and its drug marketing practices. The Complaint alleges that the recent, historic recalls of high profile brands like Tylenol, Motrin, Rolaids and Benadryl are but the tip of the iceberg, and that J&J's unlawful drug manufacturing practices date back to at least 2005, when the FDA required the Company to recall numerous drugs. Similarly, the Complaint alleges that J&J's unlawful promotion of key drugs started years ago and put the Company at risk of significant fines and potential exclusion from federal health care programs like Medicare and Medicaid.
The Complaint seeks to hold Defendants accountable for the resulting damage to the Company and to ensure that J&J implements meaningful change to avoid similar legal and compliance violations in the future. Click here to view the Amended Complaint.
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