J&J Hips and Mesh under Government scanner

Boston, MA 02/25/2013 (wallstreetpr) – Johnson & Johnson (NYSE:JNJ) has disclosed that different government investigations are underway into various alleged faults in its hip devices and surgical mesh that is sold in the world market. Johnson & Johnson (NYSE:JNJ) recalled over 93,000 pieces from across the world after announcing that 12 percent of the devices had failed in the UK market. The world’s largest health-care products seller is in the midst of a lawsuit storm with over 10,000 ASR hip-related suits and 1,800 Gynecare Prolift- related lawsuits filed by consumers in the U.S. All the hip-related cases claim that there was a defect in the designing of the devices and that Johnson & Johnson (NYSE:JNJ) had failed to send out warnings about any possible problems.  The first of these cases is now being fought out in the Atlantic City state court.

Investigations in progress

Johnson & Johnson (NYSE:JNJ) discontinued the sales of Prolift and three other mesh devices only due to the fact that they were not commercially viable and that the pull-back had nothing to do with either their effectiveness or their safety. The U.S government is also investigating the possibility of false statements or false claims being submitted. Johnson & Johnson (NYSE:JNJ) the Brunswick, the New Jersey-based company said that it will co-operate completely with the Massachusetts U.S. Attorney’s Office and the Justice Department’s civil division in the informal request that it has received with reference to the use and marketing of the hips. All necessary documents will be produced and the company will be forthcoming with all explanations and clarifications.

Shares of Johnson & Johnson (NYSE:JNJ) went down by 0.01% to close at $76.25

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Published by Christine Lawrence

Christine Lawrence is a financial analyst. She loves analyzing socioeconomic trends in the background of financial moves. She has overall seven years of experience in Auditing, Finance and Writing.

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