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Koninklijke Philips N.V. Class Action Lawsuit - PHG

Company Name
Koninklijke Philips N.V.
Stock Symbol
PHG
Class Period
February 25, 2020 to June 11, 2021
Motion Deadline
October 15, 2021
Court
Eastern District of New York
21 days left to seek lead plaintiff status

Case Summary

The Philips class action lawsuit charges Koninklijke Philips N.V. (NYSE: PHG) and certain of its top executives with violations of the Securities Exchange Act of 1934.  The Philips class action lawsuit seeks to represent purchasers of Philips securities between February 25, 2020 and June 11, 2021, both dates inclusive (the “Class Period”).  The Philips class action lawsuit was commenced on August 16, 2021 in the Eastern District of New York and is captioned Patel v. Koninklijke Philips N.V., No. 21-cv-04606.

If you wish to serve as lead plaintiff of the Philips class action lawsuit, please provide your information by clicking here.  You can also contact attorney Michael Albert of Robbins Geller by calling 800/449-4900 or via e-mail at malbert@rgrdlaw.com.  Lead plaintiff motions for the Philips class action lawsuit must be filed with the court no later than October 15, 2021.

CASE ALLEGATIONS: The Philips class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Philips had deficient product manufacturing controls or procedures; (ii) as a result, Philips’ Bi-Level Positive Airway Pressure (“Bi-Level PAP”) and Continuous Positive Airway Pressure (“CPAP”) devices and mechanical ventilators were manufactured using hazardous materials; (iii) accordingly, Philips’ sales revenues from the foregoing products were unsustainable; (iv) the foregoing also subjected Philips to a substantial risk of a product recall, in addition to potential legal and/or regulatory action; and (v) as a result, Philips’ public statements were materially false and misleading at all relevant times.

On June 14, 2021, Philips issued a voluntary recall of certain of its Bi-Level PAP and 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.  On this news, Philips’s stock price fell nearly 4%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Philips’ securities during the Class Period to seek appointment as lead plaintiff in the Philips class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Philips class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Philips class action lawsuit.  An investor’s ability to share in any potential future recovery of the Philips action lawsuit is not dependent upon serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions.  Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm.

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