BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Philip Morris International Inc. (“Philip Morris” or the “Company”) (NYSE: PM) securities between July 26, 2016, and December 20, 2017, inclusive (the “Class Period”). Philip Morris investors have until February 20, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Philip Morris investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On December 20, 2017, Reuters reported that former Philip Morris employees and contractors “detailed irregularities in the clinical experiments that underpin Philip Morris International's application to the FDA for approval of its iQOS smoking device.” The report further stated that Tamara Koval, who helped coordinate clinical trials for the device, was “excluded from meetings” after she “questioned the quality of some of the researchers and sites contracted to carry out those experiments.”
On this news, shares of Philip Morris fell $3.75 or nearly 3.5% to close at $104.37 on December 20, 2017, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) there were irregularities in the clinical experiments that underpin Philip Morris' application to the U.S. Food and Drug Administration (“FDA”) for approval of its iQOS smoking device; and (2) as a result, defendants' statements about Philip Morris' business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased shares of Philip Morris, 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 email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.