Kenvue Inc. Shareholder Reminder: Kessler Topaz Meltzer & Check, LLP Reminds KVUE Investors of Securities Fraud Class Action Lawsuit Filed on Their Behalf
News provided byKessler Topaz Meltzer & Check LLP
Nov 20, 2023, 7:52 PM ET
RADNOR, Pa., Nov. 20, 2023 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the District of New Jersey against Kenvue Inc. (“Kenvue”) (NYSE: KVUE). The action charges Kenvue with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Kenvue’s materially misleading statements and omissions to the public, Kenvue’s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR KENVUE LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/kenvue-inc?utm_source=PR&utm_medium=link&utm_campaign=kvue&mktm=r
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LEAD PLAINTIFF DEADLINE: DECEMBER 8, 2023
CLASS PERIOD: PURCHASERS OF KENVUE SECURITIES PURSUANT AND/OR TRACEABLE TO KENVUE’S MAY 3, 2023 IPO
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
KENVUE’S ALLEGED MISCONDUCT
On 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.
WHAT CAN I DO?
Kenvue investors may, no later than December 8, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Kenvue investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Kenvue, Hammond v. Kenvue Inc., et al., Case No. 23-cv-20998, is filed in the United States District Court for the District of New Jersey.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
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