The J&J opioid ruling 2019 for the case in Oklahoma has been decided.
Here’s what to know about this ruling for Johnson & Johnson (NYSE:JNJ).
- The ruling wasn’t in J&J’s favor.
- However, it also wasn’t near as harsh as it could have been.
- The ruling requires the company to pay $572 million to the state of Oklahoma.
- This is far from the $17 billion that the state was hoping to get from the lawsuit.
- It’s also worth noting that this J&J opioid ruling 2019 doesn’t mean that money will be immediately available to the state.
- A lawyer for J&J says that the company is already planning to appeal the decision.
- The decision in the J&J opioid ruling 2019 comes from Judge Thad Balkman.
- His decision found that J&J has broken the state’s “public nuisance” law.
- J&J was singled out in this lawsuit after the state reached settlement agreements with Purdue Pharma and Teva Pharmaceuticals (NYSE:TEVA).
- The company isn’t out of the woods just yet. There are over 2,000 lawsuits in connection to opioids across the U.S.
- There’s also an upcoming federal opioid trial that is going to take place in Cleveland, Ohio.
- Oklahoma Attorney General Mike Hunter says that he believes companies selling opioids knew of the dangers of the drug before selling them.
- It’s also worth noting that JNJ stock is up today following the J&J opioid ruling 2019 as investors were expecting a steeper fine.
JNJ stock was up 2% as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.