Philip Morris International and three of its top executives have been named as defendants in a class action being brought on behalf of anyone who purchased Philip Morris stock between February 8, 2018 and April 18, 2018, according to a story by Nickeesha Swaby in Courthouse News.
The action has been filed by lead plaintiff, the City of Westland Police and Fire Retirement System, in the US District Court for the Southern District of New York.
CEO Andre Calantzopoulos, CFO Martin G. King, and COO Jacek Olczak are named as defendants along with the cigarette multinational.
According to the complaint, PM was experiencing lower sales for years attributed to a decline in smokers worldwide, but throughout the period in question, investors were assured that ‘new sales initiatives’ and ‘favourable sales trends’ were working to combat the issue.
The class is represented by Samuel H. Rudman of Robbins Geller Rudman & Dowd LLP in Melville, N.Y., with David C. Walton and Brian E. Cochran in San Diego and Thomas C. Michaud of Vanoverbeke, Michaud & Timmony in Detroit.
Meanwhile, the Rosen Law Firm, a global investor-rights law firm, announced on Saturday the filing of a class action lawsuit on behalf of purchasers of the securities of Philip Morris International from February 8, 2018 through April 18, 2018, both dates inclusive (Class Period). The lawsuit seeks to recover damages for Philip Morris investors under the federal securities laws, according to a Business Wire report.
The lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) Philip Morris’ much-lauded sales initiatives had stalled; (3) Philip Morris was experiencing adverse sales headwinds in key markets; and (4) as a result of the foregoing, defendants’ statements about Philip Morris’ business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors in class actions
