Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Koninklijke To Contact Him Directly To Discuss Their Options
NEW YORK - 
(NewMediaWire) - September 12, 2021 - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Koninklijke Phillips NV (“Koninklijke” or the “Company”) (NYSE: PHG) and reminds investors of the October 15, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
There is no cost or obligation to you.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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 the foregoing products were unsustainable; (4) the foregoing also subjected the Company to a substantial risk of a product recall, in addition to 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, Philips issued a voluntary recall of certain of its Bi-Level PAP and CPAP devices, as well as mechanical ventilators, after finding that the sound abatement foam used in the devices can degrade and become toxic, potentially causing cancer.
On this news, Philips’ stock price fell $2.25 per share, or 3.98%, to close at $54.25 per share on June 14, 2021.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Koninklijke’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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