NEW YORK, Sept. 25, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Philip Morris International, Inc. ("Philip Morris" or the "Company") (NYSE:PM) of the November 5, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Philip Morris stock or options between February 8, 2018 and April 18, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/PM. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Philip Morris common stock between February 8, 2018 and April 18, 2018 (the "Class Period"). The case, City of Westland Police and Fire Retirement System v. Philip Morris International Inc et al, No. 1:18-cv-08049 was filed on September 4, 2018 and has been assigned to Judge Ronnie Abrams.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose: (1) that the Company's favorable sales trends in Q4 2017 had not continued through Q1 2018; (2) that declines in the Company's cigarette shipments had accelerated on a sequential basis in Q1 2018; (3) that shipments of the Company's heated tobacco units were on track to decline 39% sequentially in Q1 2018; (4) that certain of the Company's tobacco sales initiatives in Japan had faltered, and the Company's near-term growth prospects in key Japanese markets had plateaued; (5) that the Company's market share for its heated tobacco category in Japan was declining in February; (6) that new product sales initiatives and attempts to generate revenue through price increases would not be able to sustainably offset declining sales volumes in the Company's combustible products; and (7) that, as a result of the foregoing, the Company was not on track to sustain currency neutral net revenue growth above 8% for 2018 and 2019, and such estimates lacked a reasonable basis.
Specifically, on April 19, 2018, the Company reported disappointing Q1 2018 financial results. The Company revealed, among other things, that the shipping volumes of its cigarette and heated tobacco products declined. The Company further stated that growth had slowed in its key Japanese markets, and that the Company was only on track to achieve 3% to 4% net revenue growth for 2018.
After the announcement, Philip Morris's share price fell from $101.44 per share on April 18, 2018 to a closing price of $85.64 on April 19, 2018—a $15.80 or a 15.58% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Philip Morris's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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