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Johnson & Johnson shares plummeted on Friday after an explosive report published by Reuters alleged the company knew about the presence of cancer-causing asbestos in its ubiquitous and iconic baby powder.

The report, which alleged that J&J didn’t tell the Food and Drug Administration about at least three tests by three different labs from 1972 to 1975 that found asbestos in its talcum powder, in one case at levels reported as “rather high,” according to internal documents from the company.

In response, J&J lambasted the Reuters article as “one-sided, false and inflammatory” in a statement published on its website.

(Read more)

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