NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Philip Morris International Inc. (“Philip Morris” or the “Company”) (NYSE:PM) of the February 20, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Philip Morris stock or options between July 26, 2016 and December 20, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/PM. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Philip Morris securities between July 26, 2016 and December 20, 2017 (the “Class Period”). The case, Rubenstahl v. Philip Morris International Inc. et al, No. 2:17-cv-13504 was filed on December 21, 2017, and has been assigned to Judge Esther Salas.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failing to disclose that: (1) there were irregularities in the clinical experiments that underpin Philip Morris’ application to the Food and Drug Administration (“FDA”) for approval of its iQOS smoking device; and (2) as a result, the Company’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, on December 20, 2017, Reuters published a report stating, in part, that “[f]ormer employees and contractors [of Phillip Morris] have detailed irregularities in the clinical experiments that underpin Philip Morris International’s application to the FDA for approval of its iQOS smoking device[.]” On this news, Philip Morris’ share price fell from $108.12 per share on December 19, 2017 to a closing price of $104.37 on December 20, 2017—a $3.75 or a 3.47% drop.
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 Philip Morris’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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