NEW YORK, July 8, 2016 /PRNewswire/ -- 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, 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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SOURCE Pomerantz LLP