(Bloomberg) -- Johnson & Johnson’s drop of as much as 8.3 percent in Friday’s trading may bring on deja vu for some investors after a Reuters report said the company knew for decades that asbestos was sometimes present in its baby powder.

The last time shares of the drugmaker came under this much pressure was due to asbestos concerns back in February, after traders circulated a blog post focused on worries about what might be uncovered during litigation. The shares fell as much as 11 percent that day, even as Wells Fargo called the concerns overblown. Analyst Lawrence Biegelsen said at the time that approximately 5,500 talc cases nationwide could create a total liability to the drugmaker of just $1.5 billion.

Fast forward to Friday, where the intraday move has wiped out more than $30 billion in market value. Susquehanna litigation analyst Tom Claps said in an email that “today’s Reuters story about JNJ’s talc litigation is not ‘new news.”’ In July, a jury ordered the company to pay $4.69 billion to women who claimed asbestos in the products caused them to develop ovarian cancer.

“JNJ has been facing talc/asbestos litigation for years,” Claps wrote in response to questions. He said there have been a number of trials where plaintiffs showed evidence suggesting the company knew and concealed the risks. “Interestingly,” he said, “JNJ’s stock has taken a bigger hit today than it did after that $4.7B verdict.”

Bloomberg News reported in September 2017 that documents unsealed in a lawsuit showed that J&J has known for decades that its talc products include asbestos fibers and that the exposure to those fibers can cause ovarian cancer.

To be sure, Bloomberg Intelligence litigation analysts Aude Gerspacher and Holly Froum estimate that the New Brunswick, New Jersey-based company could be on the hook for as much as $10 billion to $20 billion in settlements from an estimated 11,000 pending talc cases.

To contact the reporters on this story: Bailey Lipschultz in New York at blipschultz@bloomberg.net;Joshua Fineman in New York at jfineman@bloomberg.net

To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Tatiana Darie

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