(CNBC) Johnson & Johnson lost $39.8 billion in market value Friday after Reuters said the company knew for decades that its baby powder contained asbestos, an allegation the company denied.
J&J said the story was "one-sided, false and inflammatory" and an "absurd conspiracy theory," according to a statement.
Thousands of lawsuits have accused J&J's talc-based baby powder for containing asbestos and causing ovarian and over types of cancers. Investors have expressed some concern over the lawsuits, though J&J has successful won a number of cases.
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