The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of investors who purchased Koninklijke Philips N.V. (NYSE: PHG) securities between February 25, 2020 and June 11, 2021.
According to the Philips lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (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.
If you suffered a loss in Philips you have until October 15, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn\'t require that you serve as a lead plaintiff.
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