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Johnson & Johnson Global Lawsuit Update: 48,500 and Skyrocketing
Take a look at the cost of more than 48 thousand US lawsuits pending against Johnson & Johnson.
Date Created: September 18, 2014
Keywords: levaquin, risperdal, asr, hip, transvaginal, tvt, mesh, lawsuit
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When I found out that I can find out how many victims of Johnson & Johnson known defective drugs and devices have filed lawsuits from their Annual Shareholder Report, I decided to investigate the 2013 Annual Shareholder Report for the numbers of victims of so many horrible products. It wasn't exactly easy to find, but in Section 21, Legal Proceedings on page 64, the Product Liability section the products and the number of victims that have filed lawsuits really are listed. So, let's take a closer look at this - and the potential costs. After running the numbers, it's quite obvious that there is a good possibility that the incredible number of lawsuits will soon sink the company.
The 2013 Shareholder Report Discloses:
1,165 Levaquin Lawsuits
12,340 ASR Hip Lawsuits
5,560 Pinnacle Hip Lawsuits
500 Risperdal Lawsuits
28,810 Mesh Product Lawsuits
22 Duragesic Lawsuits
140 Topomax Lawsuits
While this lawsuit list looks pretty short compared to what I've been seeing regarding Xarelto, Heart Stents, butt staplers, bone cement and other product lawsuits, for the sake of this article, we'll just stick to what J&J admits in their shareholder report, and see what's on for next year. In addition, keep in mind that this is only a list for the United States. Lawsuits filed in Australia, Belgium, Canada, England, Israel, Italy, the Netherlands, Scotland, the United Kingdom and Venezuela are not included - but will have a huge impact on the total going out in liability costs and compensation, as well as the global reputation of the company.
So, going with only the lawsuits listed in the shareholder report, and only the lawsuits filed in the United States, it appears that there are over 48,537 lawsuits pending as of the 2013 Shareholder Annual Report. As stated in the report, 8,000 of these were covered by the Class Action suit which is in appeal, for $2.5 billion. So, dumping those victims, there are still over 40,000 lawsuits pending in the US.
With just a little bit of math, basically move a bunch of zero's, it's pretty simple to see that, if each of these costs only a bare minimum of $1,000,000 to fight, lose and then appeal, the cost will be over $40,000,000,000. If only half settle for a bare minimum of $1,000,000 - the total comes to over $60 billion - a major cut into J&J's net worth of $78 billion. This will leave only $18 billion to deal with the lawsuits filed from the other 10 countries mentioned in the Shareholder Report.
I compared the number of product liability lawsuits from the 2013 Shareholder Report to the number of lawsuits from the 2012 Shareholder Report. Amazingly, the number of lawsuits more than DOUBLED! Product liability lawsuits went from 20,680 in 2012 to 48,537. Um, MORE THAN DOUBLED!
I don't know about you - but it looks like lawsuits finally outweigh income and assets. It seems that J&J is headed for bankruptcy. Obviously, trying to prevent that, J&J recently sold off KY, Ortho Diagnostics and is trying to sell off Cordis. However, selling Cordis will likely be very challenging, considering the litigation not mentioned in the Shareholder Report for defective Cypher Heart Stents.
Further in Section 21 lawsuits for other subjects are included as well. I'm only concerned about the victims of known harmful and defective products - which, is obviously enough to drain the equity right out of J&J - globally.
It's not much of a wonder now why Berkshire and Trojan dumped JNJ stock - and insiders are selling it off as quickly as quietly possible. This company isn't worth shit, and their products obviously suck.
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1. Johnson & Johnson (2013, December). Johnson & Johnson 2013 Shareholder Report. Johnson & Johnson. Retrieved from http://files.shareholder.com/downloads/JNJ/3461521603x0x733042/DDD2ABD5-2CC6-41D2-8ACB-EC2A967727E4/ar2013_JNJ.pdf
2. Yahoo (2014, June). Johnson & Johnson Balance Sheet (Quarterly). YCharts (Yahoo Finance). Retrieved from http://ycharts.com/financials/JNJ/balance_sheet/quarterly
3. Johnson & Johnson (2012, December). Johnson & Johnson 2012 Shareholder Report. Johnson & Johnson. Retrieved from http://files.shareholder.com/downloads/JNJ/3461521603x0x644760/85FD0CFF-2305-4A02-8294-2E47D0F31850/JNJ2012annualreport.pdf
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