| COMPANY |
Kenvue Inc. |
| COURT |
United States District Court for the District of New Jersey |
| CASE NUMBER |
23-cv-20998 |
| JUDGE |
The Hon. Zahid Nisar Quraishi |
| CLASS PERIOD |
May 3, 2023 through October 8, 2023 |
| SECURITY TYPE |
Securities |
Kenvue investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than December 8, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Kenvue Inc. (“Kenvue”) (NYSE: KVUE) securities pursuant and/or traceable to the registration statement and related prospectus issued in connection with Kenvue's May 2023 initial public offering (“IPO”), which includes investors who purchased or acquired Kevnue shares from May 3, 2023 through October 8, 2023 (the “Class Period”).
Case Background:
On or around May 3, 2023, Kenvue, previously the consumer health division of Johnson & Johnson, went public with an IPO, offering around 171,812,560 shares of its common stock to the public at a price of $22.00 per share. The IPO was based on the premise that Kenvue and its products, including “phenylephrine,” were effective.
On September 12, 2023, however, the FDA 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 and whether the oral nasal decongestants phenylephrine hydrochloride and phenylephrine bitartrate should be reclassified as not Generally Recognized as Safe and Effective (GRASE) due to lack of efficacy.”
Following this news, the price of Kenvue’s stock declined by $1.01 per share, or 4.58%, to close at $21.06 on September 12, 2023, from a prior closing price of $22.07 on September 11, 2023. The price of Kenvue’s shares have not gone above the $22.00 IPO price.
The complaint alleges that, throughout the Class Period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) Kenvue faced potential headwinds as a result of confirmed concerns about the efficacy of phenylephrine, which it knew or should have known; (2) 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; (3) 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; and (4) as a result, Defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.