BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Koninklijke Philips N.V. (“Philips” or the “Company”) (NYSE: PHG) investors concerning the Company’s possible violations of federal securities laws.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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