LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Kenvue Inc. (“Kenvue” or the “Company”) (NYSE: KVUE) on behalf of investors concerning the Company’s possible violations of federal securities laws issued in connection with the Company's May 2023 initial public offering ("IPO" or the "Offering").
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Kenvue was previously the consumer health division of Johnson & Johnson. In May 2023, Kenvue conducted an IPO, offering approximately 171,812,560 shares of Kenvue common stock to the investing public at $22.00 per share. The IPO was predicated on the Company and its products, including phenylephrine (“PE”) being viable.
Soon after the IPO, however, an FDA panel unanimously voted to declare oral formulations of PE ineffective for relieving nasal congestion and published its findings in a document called “Efficacy of Oral Phenylephrine as a Nasal Decongestant.” The FDA disclosed that it had been evaluating data on the efficacy of oral PE since December of 2007.
On this news, Kenvue’s stock declined by $1.01 per share, or 4.58%, to close at $21.06 on September 12, 2023, injuring investors. It has not gone above the $22.00 IPO price since.
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If you purchased Kenvue Inc. securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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