If you purchased or acquired securities in Kenvue securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Registration Statement") issued in connection with the Company's May 2023 initial public offering (the "IPO" or "Offering") and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: http://www.faruqilaw.com/KVUE.
There is no cost or obligation to you.
NEW YORK, Nov. 19, 2023 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Kenvue Inc. (“Kenvue” or the “Company”) (NYSE: KVUE) and reminds investors of the December 8, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
The complaint filed in this class action alleges that Kenvue’s Registration Statement contained materially false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Kenvue faces 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 (“PE”); and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Kenvue was previously the consumer health division of Johnson & Johnson. In May 2023, Kenvue conducted an IPO, offering approximately 171,812,560 shares of Kenvue common stock to the investing public at $22.00 per share. The IPO was predicated on the Company and its products, including PE, being viable.
On or around September 12, 2023, the FDA published a briefing document announcing that it was convening an advisory committee to discuss efficacy data available for orally administered PE as a nasal decongestant. The briefing document concluded that “orally administered PE is not effective as a nasal decongestant at the monographed dosage (10 mg of PE hydrochloride every 4 hours) as well as doses up to 40 mg (dosed every 4 hours).”
When the complaint was filed on October 9, 2023, Kenvue shares closed at $19.87, about 9.6% below its IPO price.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Kenvue’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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