A lawsuit was filed on behalf of investors in Koninklijke Philips N.V. (NYSE:PHG) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/30/2021 -- An investor, who purchased shares of Koninklijke Philips N.V. (NYSE: PHG), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Koninklijke Philips N.V..
Investors who purchased shares of Koninklijke Philips N.V. (NYSE: PHG) have certain options and for certain investors are short and strict deadlines running. Deadline: October 15, 2021. NYSE: PHG investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Netherlands based Koninklijke Philips N.V. operates as a health technology company in North America, Greater China, and internationally. Koninklijke Philips N.V. reported that its annual Total Revenue rose from over 19.48 billion EUR in 2019 to over 19.53 billion EUR, and that its Net Income increased from 1.16 billion EUR in 2019 to 1.18 billion EUR in 2020. On June 14, 2021, Koninklijke Philips N.V. issued a voluntary recall of certain of its Bi-Level Positive Airway Pressure (Bi-Level PAP) and Continuous Positive Airway Pressure (CPAP) devices, as well as mechanical ventilators, after finding that the sound abatement foam used in the devices can degrade and become toxic, potentially causing cancer. The plaintiff claims that between February 25, 2020 and June 11, 2021, the Defendants made false and/or misleading statements and/or failed to disclose that Philips had deficient product manufacturing controls or procedures, that as a result, the Company's Bi-Level PAP and CPAP devices and mechanical ventilators were manufactured using hazardous materials, that accordingly, the Company's sales revenues from the foregoing products were unsustainable, that the foregoing also subjected the Company to a substantial risk of a product recall, in addition to potential legal and/or regulatory action, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Koninklijke Philips N.V. (NYSE: PHG) have certain options and should contact the Shareholders Foundation.
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