Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Koninklijke Philips N.V. (“Philips” or the “Company”) (NYSE: PHG) securities between February 25, 2020 and June 11, 2021, inclusive (the “Class Period”). Philips investors have until October 15, 2021 to file a lead plaintiff motion.
Investors suffering losses on their Philips investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On June 14, 2021, Philips issued a recall notification for certain devices after finding that the sound abatement foam used in the devices can degrade and become toxic, potentially causing cancer.
On this news, the Company’s share price fell $2.25, or 3.98%, to close at $54.25 per share on June 14, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Philips had deficient product manufacturing controls or procedures; (2) as a result, the Company’s Bi-Level PAP and CPAP devices and mechanical ventilators were manufactured using hazardous materials; (3) accordingly, the Company’s sales revenues from the foregoing products were unsustainable; (4) the foregoing also subjected the Company to a substantial risk of a product recall, in addition to potential legal and/or regulatory action; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Philips securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210817005853/en/
INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Koninklijke Philips N.V. (PHG) Investors
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
