NEW YORK, Oct. 11, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Koninklijke Philips N.V. ("Koninklijke" or the "Company") (NYSE: PHG). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Koninklijke and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 11, 2017, Philips announced that following discussions with the U.S. Department of Justice, the Company is temporarily suspending production of defibrillators for the U.S. market, in order to allow closer inspections and ensure that Philips is in compliance with applicable U.S. Food and Drug Administration regulations. Philips advised investors that the production halt would likely last until the third quarter of 2018 and could cut earnings before interest and taxes by some 20 million euros ($24 million) in the final quarter of 2017, and by a further 60 million euros in 2018. On this news, Philips' share price has fallen sharply during intraday trading on October 11, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby