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The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Koninklijke Philips N.V. (NYSE: PHG) who purchased shares between February 25, 2020 and June 11, 2021. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
(i) Philips had deficient product manufacturing controls or procedures; (ii) as a result, the Company’s Bi-Level PAP and CPAP devices and mechanical ventilators were manufactured using hazardous materials; (iii) accordingly, the Company’s sales revenues from the foregoing products were unsustainable; (iv) the foregoing also subjected the Company to a substantial risk of a product recall, in addition to potential legal and/or regulatory action; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until October 15, 2021 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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