According to the Complaint, Kenvue Inc. was previously the consumer health division of Johnson & Johnson. In May 2023, Defendants held an initial public offering, offering approximately 171,812,560 shares of Kenvue common stock to the investing public at $22.00 per share.

Kenvue operates through the Self Care, Skin Health and Beauty, and Essential Health segments. Pertinent to this matter are products such as Sudafed PE, Benadryl Allergy Plus Congestion, and Tylenol Sinus + Headache, which are among the Company products which contain phenylephrine ("PE"), a decongestant for uncomplicated nasal congestion.

The Complaint alleges the Registration Statement issued in connection with Kenvue’s initial public offering 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 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.

On December 28, 2023, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 23-CV-20998.

Lead Plaintiff filed a consolidated amended Complaint on March 12, 2024. Defendants filed a Motion to Dismiss the consolidated amended Complaint on August 26. On March 24, 2025, the Court issued an Order denying Defendants' Motion to Dismiss.