SOURCE: Brower Piven, A Professional Corporation

September 24, 2010 18:10 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $1,000,000 From Investment in Johnson & Johnson to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 22, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - September 24, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of the securities of Johnson & Johnson ("JNJ" or the "Company") (NYSE: JNJ) during the period between October 14, 2008 and July 21, 2010, inclusive (the "Class Period").

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that starting in April of 2008, defendants received numerous consumer complaints that Tylenol products made at a manufacturing facility in Las Piedras, Puerto Rico exhibited a "musty" odor, that defendants failed to conduct an adequate investigation, and that defendants failed to notify the U.S. Food and Drug Administration ("FDA") of this information as required; the defendants failed to take corrective action when foreign materials and contamination were found in a manufacturing facility in Fort Washington, Pennsylvania from May 2009 to April 2010 and that defendants ignored 46 separate complaints of foreign materials in products made at that facility from June 2009 to April 2010; and that in late 2008, defendants learned of potential problems with one of its Motrin products. According to the complaint, rather than issue a public recall, defendants sent contractors out to stores to buy the product back and told the contractors not to mention any recall but that after the FDA learned of this "phantom recall," it pressured defendants to publicly recall the products.

The complaint alleges that as news of the foregoing began to become known to the investing public from April 30, 2010 (when FDA investigators sent the Company an inspection report regarding the Fort Washington facility that identified several violations and noting that required corrective actions were not taken when foreign material, particulate matter, and/or contamination were observed in at least 21 separate drug batches from May 2009 to April 2010) to July 20, 2010 (when the Company announced a recall of certain children and infant products) the price of JNJ's shares declined significantly.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 22, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

If you have suffered a net loss for all transactions in Johnson & Johnson securities during the Class Period (including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period), you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact