LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the February 20, 2018 deadline to file a lead plaintiff motion in the class action 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. To obtain information or actively participate in the class action, please visit the Philip Morris page on our website at https://www.glancylaw.com/case/philip-morris-international-inc.
Investors suffering losses on their Philip Morris investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 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.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of Philip Morris, you may move the Court no later than February 20, 2018 to ask the Court to appoint you as lead. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.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.