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Philip Morris International Inc. (NYSE:PM) Investor Securities Class Action Lawsuit 12/21/2017

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Lawsuit Overview

Case Dismissed
Company
Philip Morris International Inc.
Security
NYSE: PM

Case Name
Philip Morris Shareholder Class Action Lawsuit 12/21/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

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Summary

March 4, 2019 - This case was voluntarily dismissed.

December 21, 2017 - An investor in shares of Philip Morris International Inc. (NYSE:PM) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Philip Morris International Inc. in connection with certain allegedly false and misleading statements made between July 26, 2016 and December 20, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Philip Morris International Inc. (NYSE:PM) common shares between July 26, 2016 and December 20, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 26, 2016 and December 20, 2017, the defendants made false and/or misleading statements and/or failed to disclose that there were irregularities in the clinical experiments that underpin Philip Morris’ application to the FDA for approval of its iQOS smoking device, and that 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.

New York based Philip Morris International Inc. reported that its annual Total Revenue declined from over $26.79 billion in 2015 to over $26.68 billion in 2016 and that its Net Income rose from over $6.87 billion in 2015 to over $6.96 billion in 2016.

Shares of Philip Morris International Inc. (NYSE:PM) reached $123.55 per share in June 2017.

On December 20, 2017, a report was published stating that “[f]ormer employees and contractors [of Phillip Morris] have 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 worked at the company from 2012 to 2014 and helped coordinate clinical trials for the device, questioned the quality of some of the researchers and sites contracted to carry out those experiments.” The report added that “after [Koval] raised concerns about the Polish study with Philip Morris executives in Switzerland she was excluded from meetings.”

Shares of Philip Morris International Inc. (NYSE:PM) declined on December 20, 2017 to $103.57 per share.