West Virginia Says J&J, Teva, AbbVie Caused 'Tsunami' Of Opioid Addiction: Reuters

West Virginia's attorney general urged a judge to hold Johnson & Johnson JNJTeva Pharmaceuticals Industries Ltd TEVA, and AbbVie Inc's ABBV Allergen accountable for causing a "tsunami" of opioid addiction in the state.

During his opening statement in Kanawha County Circuit Court, Attorney General Patrick Morrisey said that opioid addiction has affected the state's police forces, hospitals, foster care system, and jails, with effects that will linger for more than a generation.

According to the National Center for Health Statistics data, West Virginia has been hard hit by the epidemic, with a per capita opioid mortality rate nearly three times the national average in 2020.

J&J, AmerisourceBergen Corp ABCCardinal Health Inc CAH, and McKesson Corporation MCK have reached nationwide settlements worth $26 billion to resolve state and local government opioid claims. 

The companies have denied the allegations. Morrisey said that he expects the trial before Judge Derek Swope will take up to two months.

Endo International Plc ENDP, a co-defendant in the case, reached a $26 million settlement with West Virginia on March 30.

Last month, Rhode Island reached a deal valued at $107 million with Teva and Allergen, and Florida settled with Teva, CVS Health, Allergan, and Endo for a combined $878 million.

Price Action: JNJ shares are down 0.92% at $176.55 during the market session on the last check Monday.

Photo by qimono via Pixabay

Market News and Data brought to you by Benzinga APIs
Posted In: BiotechNewsPenny StocksHealth CareSmall CapLegalMoversTrading IdeasGeneralHealth CareHealth Care DistributorsOpioidOpioids
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!