Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Koninklijke Philips N.V. (PHG)

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming October 15, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Koninklijke Philips N.V. (“Philips” or the “Company”) (NYSE: PHG) securities between February 25, 2020 and June 11, 2021, inclusive (the “Class Period”).

Investors suffering losses on their Philips 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 [e-mail].

On June 14, 2021, Philips issued a recall notification for certain devices after finding that the sound abatement foam used in the devices can degrade and become toxic, potentially causing cancer.

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.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Philips had deficient product manufacturing controls or procedures; (2) as a result, the Company’s Bi-Level PAP and CPAP devices and mechanical ventilators were manufactured using hazardous materials; (3) accordingly, the Company’s sales revenues from the foregoing products were unsustainable; (4) the foregoing also subjected the Company to a substantial risk of a product recall, in addition to potential legal and/or regulatory action; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Philips securities during the Class Period, you may move the Court no later than October 15, 2021 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you 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 [phone], toll-free at [phone], or by email to [e-mail], or visit our website at www.howardsmithlaw.com.

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