NEW YORK, Aug. 17, 2021 /PRNewswire/ — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Koninklijke Philips N.V. («Koninklijke» or the «Company») (NYSE: PHG) from February 25, 2020 through June 11, 2021 (the «Class Period»). The lawsuit filed in the United States District Court for the Eastern District of New York alleges violations of the Securities Act of 1934.
If you purchased Koninklijke securities, and/or would like to discuss your legal rights and options please visit Koninklijke Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or firstname.lastname@example.org
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Philips had deficient product manufacturing controls or procedures; (2) as a result, the Company’s Bi-Level PAP and CPAP devices and mechanical ventilators were manufactured using hazardous materials; (3) accordingly, the Company’s sales revenues from these products were unsustainable; (4) the foregoing also subjected the Company to a substantial risk of a product recall, as well as potential legal and/or regulatory action; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On June 14, 2021, Koninklijke issued a voluntary recall of its Bi-Level PAP and CPAP devices, as well as its mechanical ventilators, after finding that the sound abatement foam used in the devices could become toxic.
On this news, Koninklijke’s stock price fell $2.24 per share, or 3.98%, to close at $54.25 per share on June 14, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than October 15, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Koninklijke securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/koninklijkephilipsnv-phg-shareholder-class-action-lawsuit-fraud-stock-430/apply/ or contact Rujul Patel toll free at (877) 779-1414 or email@example.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s «Plaintiffs’ Hot List» thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP