KESSLER TOPAZ MELTZER & CHECK, LLP - Announces Filing of Investor Securities Fraud Class Action Lawsuit Against PHILIP MORRIS INTERNATIONAL INC. - PM
RADNOR, Pa., Oct. 25, 2018 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that it has filed a class action complaint against Philip Morris International Inc. (NYSE: PM) ("Philip Morris" or the "Company") on behalf of investors who purchased Philip Morris common stock between February 8, 2018 and April 18, 2018, inclusive (the "Class Period"). This action, captioned Gilchrist v. Philip Morris International Inc., et al., Case No. 18-cv09856 was filed in the United States District Court for the Southern District of New York (the "Gilchrist Action").
Philip Morris is engaged in the manufacture and sale of cigarettes, tobacco products, and other nicotine-containing products, including heated-tobacco units. The Gilchrist Action alleges that, throughout the Class Period, the defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about Philip Morris's business, operations, and prospects. Specifically, the Gilchrist Action alleges that the defendants failed to disclose that: (i) Philip Morris was experiencing a faster decline in overall cigarette and heated-tobacco sales volumes than investors had been led to believe, (ii) the Company's highly touted heated-tobacco sales initiatives had faltered, and (iii) the Company was experiencing adverse sales headwinds in key markets. As a result of the foregoing, the defendants' positive statements about Philip Morris's business, operations, and prospects during the Class Period were materially false and/or misleading and/or lacked a reasonable basis.
On April 19, 2018, the Company issued a press release announcing disappointing first quarter 2018 financial results, including stalled growth in key sales initiatives. Specifically, Philip Morris reported that combined cigarette and heated-tobacco unit shipment volumes in the first quarter of 2018 had declined by 2.3% compared to the prior year's first quarter. Key sales initiatives fared particularly poorly, as Philip Morris's heated-tobacco unit growth plateaued. Further, cigarette shipments fell by 5.3% compared to the first quarter of 2017, signaling persistent adverse trends for the Company.
Following this news, the price of Philip Morris common stock fell over 15%, from a close of $101.44 per share on April 18, 2018, to close at $85.64 per share on April 19, 2018.
Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a Lead Plaintiff. If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than 60 days from the date that notice of pendency of an action asserting substantially the same claims as the Gilchrist Action was published. On September 4, 2018, counsel for plaintiff City of Westland Police and Fire Retirement System published notice of the pendency of an action asserting substantially the same claims as the Gilchrist Action. See City of Westland Police and Fire Retirement System v. Philip Morris International Inc. et al., No. 1:18-cv-08049-RA (S.D.N.Y. filed Sept. 4, 2018). Accordingly, the deadline for filing a motion for appointment as Lead Plaintiff is November 5, 2018.
Investors who wish to discuss this action and their legal options may contact Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299-7706, at [email protected] or click on the following link: www.ktmc.com/philip-morris-securities-class-action.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Contacts
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888)-299-7706 or (610)-667-7706
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
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