- New York state’s Department of Financial Services is filing civil charges against Johnson & Johnson (JNJ, -0.8%), for “actively creating a dangerous market for opioids for chronic pain treatment”.
- "Misrepresentation of opioids to consumers for profit is inexcusable and we will use every tool necessary to help ensure those responsible are held fully accountable,” Governor Andrew Cuomo says in a statement.
- New York has previously charged Teva Pharmaceutical, Allergan and Mallinckrodt.
- The charges accuse of the company of, among other things, targeting elderly patients and characterizing “opioid addiction as a dangerous myth” and advancing “the idea of ‘pseudoaddiction’”.
- J&J shares are up slightly year to date.