SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Halyard Health, Inc., Kimberly...
July 15 2016 - 4:50PM
Pomerantz LLP announces that a class action lawsuit has been filed
against Halyard Health, Inc. (“Halyard” or the “Company”)
(NYSE:HYH), Kimberly-Clark Corporation (“Kimberly-Clark”)
(NYSE:KMB) and certain of the companies’ officers. The class
action, filed in United States District Court, Southern District of
New York, and docketed under 16-cv-05093, is on behalf of a class
consisting of all persons other than Defendants who: (1) purchased
or otherwise acquired Kimberly-Clark securities on or after
February 25, 2013 and subsequently received Halyard securities
pursuant to Kimberly-Clark’s spin-off of Halyard, effective as of
October 31, 2014; and/or (2) purchased or otherwise acquired
Halyard securities between October 21, 2014 and April 29, 2016,
both dates inclusive (collectively, the “Class Period”), seeking to
recover damages caused by Defendants’ violations of the federal
securities laws and to pursue remedies under Sections 10(b) and
20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”)
and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased or otherwise
acquired Halyard securities during the Class Period, you have until
August 29, 2016 to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert
S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or
888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail
are encouraged to include their mailing address, telephone number,
and number of shares purchased.
[Click here to join this class action]
Halyard provides health and healthcare supplies and
solutions worldwide. The Company operates through two segments,
Surgical and Infection Prevention (S&IP), and Medical
Devices. Halyard markets its products directly to hospitals
and other healthcare providers, as well as through third-party
distribution channels.
Prior to October 2014, Halyard was the Health Care
operating segment of Kimberly-Clark, a manufacturer of personal
care, consumer tissue, and professional products.
Kimberly-Clark’s common stock trades on the New York Stock Exchange
under the ticker symbol “KMB.” On October 7, 2014,
Kimberly-Clark announced the details for the completion of the
spin-off of its Health Care segment as Halyard Health, Inc.,
advising its shareholders that they would receive one share of
Halyard Health common stock for every eight shares of
Kimberly-Clark common stock held as of the close of trading on
October 23, 2014, the record date for the spin-off.
In late 2013, an outbreak of the Ebola virus began
in Guinea, subsequently spreading to Liberia, Sierra Leone, and
other West African nations. In August 2014, after meeting
with health ministers from eleven countries, the World Health
Organization designated the outbreak as a Public Health Emergency
of International Concern, a rarely-used designation that invokes
legal measures on disease prevention, surveillance, control, and
response by 194 signatory countries. On September 30, 2014,
the United States Centers for Disease Control and Prevention
declared the first case of Ebola virus in the United States.
As awareness of the Ebola epidemic grew, demand
surged for the personal protective equipment—i.e., eye shields,
face masks and disposable gowns—made by Kimberly-Clark’s Health
Care segment and subsequently by Halyard, including the Company’s
MICROCOOL surgical gowns.
The Complaint alleges that throughout the Class
Period, Defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) the Company’s
MICROCOOL surgical gowns consistently failed effectiveness tests
and failed to meet industry standards; (ii) Kimberly-Clark and
Halyard had knowingly provided defective MICROCOOL surgical gowns
to U.S. workers during the Ebola crisis; and (iii) as a result of
the foregoing, Defendants’ public statements were materially false
and misleading at all relevant times.
On May 1, 2016, 60 Minutes reported that
Kimberly-Clark and Halyard had knowingly provided defective
surgical gowns to U.S. workers at the height of the Ebola crisis.
A Company insider claimed that Halyard’s MICROCOOL surgical
gowns were prone to leaks and did not consistently meet the
industry safety standards for the treatment of Ebola, but that
Kimberly-Clark and Halyard had nonetheless “aggressively” marketed
the MICROCOOL gowns to hospitals during the epidemic.
On this news, Halyard stock fell $1.21, or 4.3%, to
close at $26.95 on May 2, 2016.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust
class litigation. Founded by the late Abraham L. Pomerantz, known
as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 80 years
later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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