HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Kenvue, Inc. (KVUE) Investors with Substantial Losses to Contact its Attorneys, Deadline Approaching in Securities Class Action
News provided byHagens Berman Sobol Shapiro LLP
Nov 20, 2023, 11:45 AM ET
SAN FRANCISCO, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Kenvue, Inc. (NYSE: KVUE) investors who invested in Kenvue shares pursuant or traceable to Kenvue’s May 2023 initial public offering and who suffered substantial losses to submit your losses now.
Kenvue, Inc. (NYSE: KVUE) Securities Class Action:
The litigation focuses on the propriety of Kenvue’s disclosures concerning the commercial viability of its nasal decongestant products that contain phenylephrine (“PE”).
The complaint alleges Kenvue’s IPO offering documents contained false and misleading statements and failed to disclose that: (1) Kenvue faces potential headwinds as a result of confirmed concerns about the efficacy of PE, which the company knew or should have known; (2) Kenvue did not discuss risks relating to PE’s efficacy, which had been questioned since at least 2007; and (3) while the company disclosed litigation risks, it did not disclose specific risk relating to potential litigation arising from adverse findings on PE’s efficacy.
On or around Sept. 12, 2023, the FDA published a briefing document announcing that it was convening an advisory committee to discuss efficacy data available for orally administered phenylephrine 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).”
By the time the complaint was filed on Oct. 9, 2023, the price of Kenvue shares closed at $19.87, or about 9.6% below its IPO price.
“We’re focused on investors’ losses and investigating whether Kenvue adequately disclosed commercial risks related to its products containing PE,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Kenvue and have significant losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
Whistleblowers: Persons with non-public information regarding Kenvue should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email KVUE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Reed Kathrein, 844-916-0895
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