JOHNSON & JOHNSON
NYSE: JNJ Meeting Date: 4/24/2014
After struggling for a number of years with product recalls and other negative headlines, J&J appeared to take a major step forward during 2013 through two major legal settlements. The first, regarding the Department of Justice’s allegations that J&J marketed its anti-psychotic drug Risperdal, among others, for unapproved uses and provided kick-backs for doctors in return for prescriptions, was settled for around $2.2 Billion. The Company also agreed to pay roughly $2.5 billion in corrective surgery for patients whose hip implants were failing at an alarmingly high rate. We believe shareholders may still have questions about the continued service on the JNJ board of two former Citigroup directors, former Citigroup audit and risk management committee member Anne Mulcahy and former Citigroup CEO and chairman Charles Prince, who both served on the bank’s board prior to Citigroup’s 2008 collapse. Also, given new CEO Alex Gorksy’s former roles as vice president of sales and marketing and later president of J&J’s pharmaceutical subsidiary Janssen during some of the period covered by the settlement over the off-label marketing of Risperdal, we believe shareholders also might want to examine news reports of investigations of his role at Janssen including possibly having to testify pursuant to a Department of Justice request.
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