NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired Kenvue Inc. (“Kenvue” or the “Company”) (NYSE: KVUE) securities pursuant to the registration statement and related prospectus issued in connection with Kenvue’s initial public offering (“IPO”). Investors have until December 8, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On November 12, 2021, Johnson & Johnson announced the creation of Kenvue as a wholly owned consumer health subsidiary. On May 3, 2022, Johnson & Johnson and Kenvue jointly announced that the price of Kenvue’s IPO would be $22 per share. On May 3, 2023, Kenvue filed its final prospectus for the IPO. In the IPO, the Company sold approximately 198,734,444 shares of its common stock at $22.00 per share. The final prospectus failed to disclose confirmed concerns about the efficacy of the Company’s products containing phenylephrine.
On September 12, 2023, the U.S. Food and Drug Administration published a report stating that it was convening an advisory committee to discuss the adequacy of efficacy data available for orally administered phenylephrine as a nasal decongestant. On this news, the price of Kenvue shares declined by $1.01 per share, or approximately 4.58%, from $22.07 per share to close at $21.06 on September 12, 2023. The Company’s share price has since not returned to its IPO price.
The lawsuit alleges that, in the IPO documents, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Kenvue faces potential headwinds as a result of confirmed concerns about the efficacy of phenylephrine, which it knew or should have known; (ii) Kenvue did not discuss risks relating to the efficacy of phenylephrine in its IPO, the utility of which had been questioned since at least 2007; and (iii) while the Company disclosed risks relating to litigation, it did not disclose specific risk relating to potential litigation arising from adverse findings on the efficacy of phenylephrine.
If you purchased or otherwise acquired Kenvue securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: https://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.