KENVUE INC. – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Kenvue Inc. (“Kenvue” or “the Company”) (NASDAQ: KVUE) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Kenvue securities April 30, 2023 through October 9, 2023 (the “Class Period”). Investors who acquired Kenvue securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is December 8, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Kenvue securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST KENVUE INC.
According to the lawsuit, the Registration Statement contained false and/or misleading statements and/or failed to disclose 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 (or “PE”) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
ABOUT KENVUE INC.
- Kenvue Inc., an American consumer health company, was originally the Consumer Healthcare division of Johnson & Johnson. The company owns renowned brands such as Aveeno, Band-Aid, Benadryl, Johnson’s Baby, Listerine, Mylanta, Neutrogena, Tylenol, and Visine.
- Kenvue is headquartered in the Skillman section of Montgomery Township, New Jersey, with plans to relocate its global headquarters to Summit, New Jersey. Prior to the spin-off, Johnson & Johnson’s consumer health division was based in Skillman, while its pharmaceutical and medical technologies divisions, as well as the overall company headquarters, were located in nearby New Brunswick, New Jersey. In November 2021, Johnson & Johnson announced the spin-off of its consumer health division to streamline operations. This move allowed the new company, Kenvue, to take over well-known consumer brands while Johnson & Johnson focused on its pharmaceutical and medical device sectors. The split aimed to facilitate faster expansion for both entities in response to evolving market dynamics.
- In February 2022, the consumer health business was registered as a corporation in Delaware under the provisional name JNTL, Inc. In September 2022, it was officially named Kenvue, a combination of “ken,” meaning ‘knowledge’ in Scottish English, and “vue,” a homophone of ‘view’ representing the concept of ‘sight.’
- Kenvue filed for an initial public offering (IPO) in 2023, issuing about 1.89 billion shares, with Johnson & Johnson retaining approximately 90.9% of the shares after the IPO. The IPO took place on May 4, 2023, with shares priced at $22. This IPO raised about $3.8 billion in capital, making it the largest IPO since Rivian’s in 2021 and serving as a barometer for broader investor confidence.
- In July 2023, Johnson & Johnson initiated an exchange offer to split-off Kenvue, retaining approximately 9.5% of the outstanding shares of Kenvue common stock after completion. Additionally, Kenvue joined the S&P 500 Dividend Aristocrats index in August 2023.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Kenvue during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is December 8, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against Kenvue are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
