Suit says J&J, Kenvue failed to flag decongestant issue in IPO, Bloomberg reports

Johnson & Johnson (JNJ) and its former consumer healthcare unit, now Kenvue (KVUE), misled investors in Kenvue’s initial public offering documents by omitting a long-simmering risk that the FDA would deem a nasal decongestant ingredient ineffective, an investor alleges, according to Bloomberg News’ Martina Barash. Kenvue has traded below its $22-per-share IPO price in May since a Food and Drug Administration advisory committee found in September that scientific evidence doesn’t prove phenylephrine is effective when taken orally, shareholder Robert James Autrey says.