Johnson & Johnson is doing away with talc-based baby powder.
On Tuesday, the company said that it is discontinuing its iconic talc-based baby powder in the U.S. and Canada amid a larger review of products prompted by the Covid-19 pandemic.
The company, which faces thousands of lawsuits claiming the powder caused cancer in women who used it, said demand has been falling “due in large part to changes in consumer habits and fueled by misinformation around the safety of the product and a constant barrage of litigation advertising,” according to a statement.
According to a statement, the company “remains steadfastly confident in the safety of talc-based Johnson’s Baby Powder,” according to the statement. “We will continue to vigorously defend the product, its safety, and the unfounded allegations against it and the Company in the courtroom. All verdicts against the Company that has been through the appeals process have been overturned."
Jim Cramer says J&J either waited until demand for the powder "wasn't great" or it decided to unload the product in a time when "nobody cared."
Now was that moment, Cramer said.
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