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id: 844, Created by Stan Vick, Scout
Kenvue Inc. (KVUE) IPO Case
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D. New JerseyCourt
- In September 2023, the FDA published a report questioning Kenvue's phenylephrine efficacy.
- On this news, $KVUE declined by 4.5% and 8% since the IPO, damaging shareholders.
- Investors suspect Kenvue's IPO contained inaccurate information about the effectiveness of phenylephrine.
On September 12, 2023, the FDA published a report stating that it was convening an advisory committee to discuss the adequacy of efficacy data available for Kenvue's (KVUE) orally-administered phenylephrine as a nasal decongestant and whether it and phenylephrine bitartrate should be reclassified as not Generally Recognized as Safe and Effective (GRASE) due to lack of efficacy.
On this news, $KVUE declined by 4.58%.
On November 12, 2021, Johnson & Johnson announced the creation of Kenvue as a wholly-owned consumer health subsidiary. On May 3, 2022, $JNJ and Kenvue jointly announced that the price of Kenvue’s IPO would be $22 per share.
Since the IPO, the $KVUE price has fallen by over 8% below its IPO price, damaging investors.
Considering all the information, investors have grounds to suspect that the Registration Statement for Kenvue's IPO contained inaccurate information, as it did not disclose potential challenges related to the effectiveness of phenylephrine, failed to address known concerns since 2007, omitted specific litigation risks tied to phenylephrine efficacy, and consequently, the defendants' public statements were materially false and misleading.
Failure to Disclose,
Shock Event Date
09 October 2023
09 October 2023
Lead Plaintiff Deadline
08 December 2023