PERRONE v. JOHNSON & JOHNSON

No. 21-1885.

48 F.4th 166 (2022)

Michael PERRONE; Tom Tarantino; Rochelle Rosen, as participants in and on behalf of the Johnson & Johnson Savings Plan, and on behalf of a class of all others who are similarly situated, Appellants v. JOHNSON & JOHNSON; Peter Fasolo; Dominic J. Caruso; John Does 1-20.

United States Court of Appeals, Third Circuit.

Filed: September 7, 2022.


Attorney(s) appearing for the Case

Kyle G. Bates , James A. Bloom , Todd Schneider , Schneider Wallace Cottrell Konecky, 2000 Powell Street — Suite 1400, Emeryville, CA 94608, Samuel E. Bonderoff [ARGUED], Jacob H. Zamansky , Zamansky, 50 Broadway — 32nd Floor, New York, NY 10004, Todd S. Collins , Ellen T. Noteware , Berger Montague, 1818 Market Street — Suite 3600, Philadelphia, PA 19103, Joseph J. DePalma , Lite DePalma Greenberg & Afanador, 570 Broad Street — Suite 1201, Newark, NJ 07201, Counsel for Appellants.

Mark B. Blocker [ARGUED], Christopher Y. Lee , Abigail Molitor , Kristen R. Seeger , Sidley Austin, One South Dearborn Street, Chicago, IL 60603, Keith J. Miller , Robinson Miller, 110 Edison Place, 19th Floor, Suite 302, Newark, NJ 07102, Counsel for Appellee.

Before: JORDAN, RESTREPO and SMITH, Circuit Judges.


OPINION OF THE COURT

Johnson & Johnson ("J&J") offers an Employee Stock Ownership Plan ("ESOP") as an investment option within its retirement savings plans. The ESOP invests solely in J&J stock, which declined in price following a news report accusing J&J...

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