LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz continues its investigation of Koninklijke Philips N.V. (“Philips” or the “Company”) (NYSE: PHG) on behalf of investors concerning the Company’s possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to participate.
On April 26, 2021, Philips announced its first quarter 2021 financial results and reported a EUR 250 million provision for “a quality issue in a component that is used in certain sleep and respiratory care products.” Specifically, the Company revealed “possible risks to users related to the sound abatement foam used in certain of Philips’ sleep and respiratory care devices currently in use.”
On this news, the Company’s share price fell $2.32, or 3.8%, to close at $58.78 per share on April 26, 2021, thereby injuring investors.
Then, on June 14, 2021, Philips issued a recall notification for certain devices “to address identified potential health risks related to the polyester-based polyurethane (PE-PUR) sound abatement foam component in these devices.” Moreover, it stated that “[t]he majority of the affected devices within the advised 5-year service life are in the first-generation DreamStation product family.”
On this news, the Company’s share price fell $2.25, or 3.98%, to close at $54.25 per share on June 14, 2021, thereby injuring investors further.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Philips securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
