A securities class action has been filed against Koninklijke Philips N.V. (PHG) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Philips securities between February 25, 2020 through June 11, 2021.  This case has been filed in the USDC – E.D.N.Y.

Koninklijke Philips Stock Prices from February 2020 to June 2021

The Complaint alleges that in June 4, 2021, Philips issued a voluntary recall of certain of its Bi-Level Positive Airway Pressure (Bi-Level PAP) and Continuous Positive Airway Pressure (CPAP) devices, as well as mechanical ventilators, after finding that the sound abatement foam used in the devices can degrade and become toxic, potentially causing cancer. On this news, Philips’ stock price fell $2.25 per share, or 3.98%, to close at $54.25 per share on June 14, 2021.