The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Philip Morris International, Inc. (NYSE: PM) who purchased shares between July 26, 2016 and April 18, 2018. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Philip Morris lawsuit alleges that (1) Philip Morris was experiencing a faster decline in overall cigarette and e-cigarette (or “heated tobacco”) sales volumes during the first quarter of 2018 than investors had been led to believe; (2) Philip Morris’ much-lauded sales initiatives had stalled; (3) Philip Morris was experiencing adverse sales headwinds in key markets; and (4) as a result of the foregoing, defendants’ statements about Philip Morris’ business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
Shareholders have until November 5, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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