- Hammond v. Kenvue Inc., et al.
- Class Period:April 30, 2023 - October 09, 2023
- Date Filed:October 09, 2023
- Jurisdiction:U.S. District Court, District of New Jersey
- Docket Number: 3:23-cv-20998
- Lead Plaintiff Deadline: December 8, 2023
Seek Plaintiff 4
A class action lawsuit, captioned Hammond v. Kenvue Inc., et al., No. 3:23cv20998 (D.N.J.), has been filed against Kenvue Inc. (“Kenvue” or the “Company”) (NYSE: KVUE), certain of the Company’s top executive officers, and various investment banking firms alleging that they violated the federal securities laws. The lawsuit seeks to represent investors who purchased or otherwise acquired Kenvue securities pursuant and/or traceable to the Company’s registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Kenvue’s May 2023 initial public offering (the “IPO” or “Offering”) and suffered compensable damages caused by Defendants’ violations of the Securities Act of 1933 (the “Securities Act”).
Kenvue is an American consumer health company and was previously the consumer health division of Johnson & Johnson (“J&J”). Kenvue describes itself as “the world’s largest pure-play consumer health company by revenue. In November 2021, J&J announced that it would spin off its consumer health division as a separate company, and on May 3, 2023, Kenvue completed its IPO, selling more than 198 million shares of common stock at $22.00 per share.
As alleged in the Kenvue lawsuit, however, the Company’s Registration Statement did not warn about the commercial viability of products containing phenylephrine (“phenylephrine” or “PE”), which was being investigated by the Food and Drug Administration (the “FDA”) over the purported inefficacy of PE.
Soon after the IPO, an FDA panel unanimously voted to declare oral formulations of PE ineffective for relieving nasal congestion and published its findings in a document called “Efficacy of Oral Phenylephrine as a Nasal Decongestant” (the “FDA Findings” or the “Findings”).
Since the IPO, and as a result of the disclosure of material adverse facts omitted from Kenvue’s Registration Statement, Kenvue’s share price has fallen substantially below its IPO price, damaging Class members.
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If you purchased Kenvue securities following the IPO and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. You can also contact DiCello Levitt partner Brian O’Mara by calling [NUMBER] or at email@example.com.
The deadline to apply to the Court to serve as a lead plaintiff in the Kenvue lawsuit is December 8, 2023.