Overview

• Kenvue Inc., previously the consumer health division of Johnson & Johnson, is facing a securities class action lawsuit for alleged violations of federal securities laws.
• The lawsuit alleges that Kenvue made materially misleading statements and omissions relating to its business, operations, and prospects, causing significant losses for investors.
• The allegations center around the efficacy of Kenvue's product, phenylephrine, which was questioned by the FDA in September 2023.
• Following the FDA's report, Kenvue's stock price declined by $1.01 per share, or 4.58%, and has not gone above its IPO price of $22.00.
• Investors have until December 8, 2023, to move the court to serve as lead plaintiff for the class.