RADNOR, Pa., July 12, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Halyard Health, Inc. (NYSE: HYH) ("Halyard" or the "Company") and Kimberly-Clark Corporation ("Kimberly-Clark") (NYSE: KMB) on behalf of investors who (i) purchased or otherwise acquired Kimberly-Clark securities on or after February 25, 2013 and received Halyard securities in connection with Kimberly-Clark's spin-off of Halyard in October 2014 and/or (ii) purchased or otherwise acquired Halyard securities between October 21, 2014 and April 29, 2016, inclusive (the "Class Period").
Shareholders who purchased or acquired Halyard securities during the Class Period may, no later than August 29, 2016, petition the Court to be appointed as a lead plaintiff representative of the class. For additional information please visit https://www.ktmc.com/new-cases/halyard-health-inc#join.
Investors who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at [email protected].
Halyard provides health and healthcare supplies and solutions worldwide. Prior to October 2014, Halyard was the Health Care operating segment of Kimberly-Clark, a manufacturer of personal care, consumer tissue, and professional products. In October 2014, Halyard was spun out of Kimberly-Clark, with Kimberly-Clark shareholders receiving one share of Halyard stock for every eight shares of Kimberly-Clark stock they owned as of October 23, 2014.
The complaint alleges that throughout the Class Period the defendants made materially false and misleading statements about Halyard's business, operations and compliance policies. Specifically, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (i) Halyard's MICROCOOL surgical gowns consistently failed effectiveness tests and failed to meet industry standards; (ii) Kimberly-Clark and Halyard knowingly provided defective MICROCOOL surgical gowns to U.S. workers during the Ebola crisis; and (iii) as a result of the foregoing, the defendants' public statements were materially false and misleading at all relevant times.
According to the complaint, on May 1, 2016, 60 Minutes reported that Kimberly-Clark and Halyard knowingly provided defective surgical gowns to U.S. workers at the height of the Ebola crisis. As reported, a Halyard insider claimed that although Halyard's MICROCOOL surgical gowns were prone to leaks and did not consistently meet the industry safety standards for the treatment of Ebola, Kimberly-Clark and Halyard nonetheless "aggressively" marketed the MICROCOOL gowns to hospitals during the Ebola epidemic.
Following this news, shares of Halyard's stock declined $1.21 per share, or 4.3%, to close on May 2, 2016 at $26.95 per share, on heavy trading volume.
Halyard shareholders may, no later than August 29, 2016, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP