J&J Pays $22.9 Million to Make Recall Lawsuit Go Away and 2 Other Dow Movers to Watch
Johnson & Johnson (NYSE:JNJ): Current price $90.45
According to court filings, Johnson & Johnson will shell out $22.9 million to end a lawsuit brought by investors who said that the company concealed quality-control failures that led to a broad recall of children’s medicines. The proposed resolution was filed Monday in a United States federal court in New Jersey, and must now be cleared by the judge overseeing the case. The firm did not admit any liability or wrongdoing in the settlement, and Johnson & Johnson spokesman Ernie Knewitz said in a statement that “We maintain that the claims in this action are without merit, and settled this case in order to avoid the expense, distraction and time associated with continuing litigation.”
Verizon Communications, Inc. (NYSE:VZ): Current price $49.64
During the second quarter, America’s largest wireless carrier, Verizon Wireless, activated some 3.9 million iPhones, coming to 44 percent more than the 2.7 million iPhones the firm activated year-over-year in 2012. Verizon’s iPhone sales were well over Wall Street’s estimate of 3.5 million. The carrier is almost finished with its 4G network launch, largely impacting the amount of data customers are downloading. Verizon said that one-third of its devices are on the 4G network, but 4G comprises almost 60 percent of its data traffic.
Pfizer Inc. (NYSE:PFE): Current price $28.62
Pfizer has sold the rights to its tuberculosis candidate, sutezolid, to the privately held clinical stage pharmaceutical firm, Sequella. Through the terms of the transaction, Sequella will obtain global development and commercialization rights to the candidate. Sutezolid could potentially be used for several indications, including drug-sensitive tuberculosis, multi-drug and extensively drug-resistant tuberculosis, HIV-associated tuberculosis, and suspected M/XDR latent M.tuberculosis infection. Financial details of the deal were not revealed.