This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Texas AG Paxton sued Kenvue and Johnson & Johnson (Oct 2025) for deceptively marketing Tylenol to pregnant women despite known risks that acetaminophen exposure significantly increases autism and neurodevelopmental disorder risk in children. J&J is accused of spinning off Tylenol liabilities to Kenvue specifically to shield its assets from lawsuits. First state-level lawsuit of its kind. Kenvue maintains the claims "lack legal merit and scientific support"; major medical organizations have found no causal link.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.