September 28, 2020 - A second consolidated amended complaint was filed.

February 4, 2020 - The court dismissed the claims with prejudice with the exception of four (4) undisclosed studies.

July 12, 2019 - A motion to dismiss the consolidated amended complaint was filed.

May 10, 2019 - A consolidated amended complaint was filed.

September 4, 2018 - An investor in shares of Philip Morris International Inc. (NYSE: PM) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Philip Morris International Inc. in connection with certain allegedly false and misleading statements made between February 8, 2018 and April 18, 2018.

Philip Morris International Inc. reported that its annual Total Revenue rose from over $26.68 billion in 2016 to over $28.74 billion in 2017 and that its Net Income declined from over $6.96 billion in 2016 to over $6.03 billion in 2017.

On April 19, 2018, Philip Morris International Inc. (NYSE: PM) announced its results for the Company’s first quarter of 2018. Against its easiest prior-year comparison, the Company reported that combined cigarette and heated tobacco unit shipment volume had declined by 2.3% during the quarter.
Philip Morris International Inc. also stated that key sales initiatives had stalled, as the Company’s heated tobacco unit growth had plateaued due to market demographics and faltering consumer conversion tactics and, further, that cigarette shipments had fallen by 5.3% during the quarter, signaling persistent adverse trends in the business.

Shares of Philip Morris International Inc. (NYSE: PM) declined from $122.98 per share in June 2017 to as low as $76.21 per share in June 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Philip Morris International Inc. (NYSE: PM) common shares between February 8, 2018 and April 18, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 8, 2018 and April 18, 2018, the defendants made false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and prospects, including that Philip Morris was experiencing a faster decline in overall cigarette and e-cigarette (or “heated tobacco”) sales volumes during the first quarter of 2018 than investors had been led to believe, that its much-lauded sales initiatives had stalled, and that it was experiencing adverse sales headwinds in key markets, and that as a result of these misrepresentations, Philip Morris stock traded at artificially inflated prices between February 8, 2018 and April 18, 2018, reaching a high of $109 per share.

The plaintiff also claims that in addition, while the Company’s stock price was artificially inflated, the Company’s CEO sold 49,000 shares of his Philip Morris stock at these artificially inflated prices for proceeds of more than $5 million.