Pomerantz Law Firm Reminds Shareholders

NEW YORK, Aug 21, 2021 (GLOBE NEWSWIRE) – Pomerantz LLP announces that a class action lawsuit has been filed against Koninklijke Philips NV (“Philips” or the “Company”) (NYSE: PHG) and some of its officers. The class action lawsuit filed in the United States District Court for the Eastern District of New York and filed on 21-cv-04606 is on behalf of a group consisting of all natural and legal persons other than the defendants, the securities purchased or otherwise acquired from Philips between February 25, 2020 and June 11, 2021, both days inclusive (the “Claim Period”), to compensate for damages caused by Defendant’s breach of federal securities laws and to seek legal redress under Pursuant to Sections 10 (b) and 20 (a.)) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 enacted thereunder against the Company and some of its top officials.

If you are a shareholder who purchased or otherwise acquired Philips securities during the class action period, you have until October 15, 2021 to request the court to appoint you as the lead plaintiff for the class action. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW) toll free ext. 7980. Inquiries by email are encouraged to include their postal address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

Philips operates as a health technology company in North America, Greater China and internationally. The company’s products include bi-level positive airway pressure (“bi-level PAP”) and continuous positive airway pressure (“CPAP”) devices as well as mechanical ventilators. Bi-level PAP devices pump air under pressure into the airways of the lungs. Bi-level PAP machines have higher pressures when you inhale and lower pressures when you exhale. CPAP machines keep the user’s airway open by delivering a continuous flow of air through a mask. CPAP machines are devices prescribed to people with obstructive sleep apnea to help keep their airways open while they sleep. Bi-level PAP and CPAP machines use polyester-based polyurethane, a sound-absorbing foam, to reduce noise and vibration.

The lawsuit alleges that during the class action period the defendants made essentially false and misleading statements about the company’s business, operational and compliance policies. In particular, Defendants have made false and / or misleading statements and / or failed to disclose that: (i) Philips had inadequate product manufacturing controls or procedures; (ii) As a result, the company’s bi-level PAP and CPAP machines and mechanical ventilators have been manufactured using hazardous materials; (iii) accordingly, the Company’s sales proceeds from the aforementioned products have not been sustainable; (iv) the foregoing exposed the Company to significant product recall risk in addition to possible legal and / or regulatory action; and (v) as a result, the Company’s public statements at all relevant times have been materially false and misleading.

On June 14, 2021, Philips conducted a voluntary recall of some of its bi-level PAP and CPAP devices, as well as mechanical ventilators, after discovering that the soundproof foam used in the devices could degrade and become toxic, potentially causing cancer.

As a result of this news, Philips’ share price fell $ 2.25 per share, or 3.98%, to close at $ 54.25 per share on June 14, 2021.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is one of the leading law firms in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as the Dean of the Class Action Chamber, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, breaches of duty of loyalty and corporate misconduct. The company has collected numerous millions of dollars in damages on behalf of class members. See www.pomlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980