NEW YORK, June 29, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Halyard Health, Inc. ("Halyard" or the "Company") (NYSE: HYH) and Kimberly-Clark Corporation ("Kimberly-Clark" or the "Company") (KMB) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and is on behalf of a class consisting of all persons other than Defendants who: (1) purchased or acquired Kimberly-Clark securities on or after February 25, 2013 and consequently received Halyard shares pursuant to Kimberly-Clark's spin-off of Halyard, effective as of October 31, 2014; and/or (2) purchased or acquired Halyard securities between October 21, 2014 and April 29, 2016, both dates inclusive (collectively, the "Class Period").
This case seeks to recover damages caused by the 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.
Halyard Health, formerly Kimberly-Clark Health Care is a global medical manufacturer based in Alpharetta, Georgia. The Company operates through two divisions, Surgical and Infection Prevention (S&IP), and Medical Devices.
Halyard was the Health Care operating segment of Kimberly-Clark before October of 2014. Kimberly-Clark manufactured personal care, consumer tissue, and professional products. On October 7, 2014, Kimberly-Clark revealed the details for the spin-off of its Health Care segment as Halyard Health, Inc., guiding investors that they would receive one share of Halyard Health stock for every eight shares of Kimberly-Clark stock held on October 23, 2014.
In late 2013, the Ebola virus outbreak began in Guinea and spread to Liberia, Sierra Leone, and other West African nations. In August 2014 the World Health Organization labeled the outbreak as a Public Health Emergency of International Concern, invoking legal measures on disease prevention, surveillance and control. On September 30, 2014, the United States Centers for Disease Control and Prevention announced the first case of Ebola virus in the United States.
As the Ebola epidemic grew, the demand for personal protective equipment like eye shields, face masks and disposable gowns grew. Kimberly-Clark's Health Care segment and Halyard, manufactured the 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. Particularly, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company's MICROCOOL surgical gowns constantly failed its tests to meet industry standards; (2) Kimberly-Clark and Halyard knew of the defects and still provided MICROCOOL surgical gowns to U.S. workers during the Ebola crisis; and (3) consequently, Defendants' public statements were materially false and misleading at all relevant times.
On May 1, 2016, 60 Minutes announced that Kimberly-Clark and Halyard had knowledgeably provided faulty and unreliable surgical gowns to U.S. workers during the Ebola crisis. A Company insider stated that these MICROCOOL gowns would leak and did not meet the safety standards for Ebola, and still Kimberly-Clark and Halyard "aggressively" promoted and sold the MICROCOOL gowns to hospitals at the height of the Ebola epidemic.
Following this news, Halyard stock dropped $1.21, or 4.3%, to close at $26.95 per share on May 2, 2016.
A class action lawsuit has already been filed. If you have incurred a loss of over $100,000 and wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/#!hyhkmb/dtdqc or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Haylard and/or Kimberly-Clark you have until August 29, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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SOURCE Bronstein, Gewirtz & Grossman, LLC