NEW YORK--(BUSINESS WIRE)--Zamansky LLC investigates Johnson & Johnson Inc. (NYSE:JNJ) (“J&J” or the “Company”) on behalf of its current and former employees for potential violations of the federal Employee Retirement Income Security Act (“ERISA”) in the J&J Retirement Savings Plan (the “Plan”). We are investigating the ERISA fiduciaries violated duties of prudence by offering J&J stock to employees who are invested in the Plan.
On December 14, 2018, Reuters reported that internal documents produced by J&J in a lawsuit brought by 11,700 plaintiffs who allege their cancer was caused by asbestos found in talc in Baby Powder, reflect that J&J senior officers and lawyers knew for many years. Reuters reported the internal documents showed that raw talc and finished powders sometimes tested positive for small amounts of asbestos, and J&J executives, mine managers, scientists, doctors and lawyers fretted over the problem and how to address it while failing to disclose it to regulators or the public.
Since these revelations, J&J stock has fallen $30 per share, or 18%, and the Company’s potential exposure may be far-reaching. According to employee stock fraud attorney, Jake Zamansky, current or former employees of J&J who purchased and held company stock through the Plan may have had their retirement savings damaged. The Reuters’ allegations raise serious issues whether the Plan’s fiduciaries properly executed their duties under ERISA to protect employees’ retirement savings from imprudent and inappropriate investments, Zamansky states.
What Current and Former J&J Employees Can Do
If you are an existing or former J&J employee who purchased and held J&J stock through the J&J Retirement Savings Plan, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at jake@zamansky.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm with a practice in securities fraud, ERISA and employment class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.