Robbins Arroyo LLP: Philip Morris International Inc. (PM) Misled Shareholders According to a Recently Filed Shareholder Lawsuit
SAN DIEGO & NEW YORK--(BUSINESS WIRE)--Sep 19, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Philip Morris International Inc. (NYSE: PM) have filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between February 8, 2018 and April 18, 2018. Philip Morris is one of the largest cigarette and tobacco manufacturing companies in the world.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/
Philip Morris Misled Investors Regarding the Company’s Business Prospects
According to the complaint, on February 8, 2018, Philip Morris announced its results for the quarter and year ended December 31, 2017, touting a strong growth trend and the exceptional performance of its smoke-free product IQOS. According to Philip Morris Chief Executive Officer André Calantzopoulos, “returns on our investment to accelerate consumer switching this year will mostly be realized next year, further improving year-over-year comparisons. So EPS results in 2019 are very likely to be better than those this year.” However, the company’s financial results for the quarter ended March 31, 2018, which were announced on April 19, 2018, were dismal. The company revealed that shipment volumes had declined by 2.3%, it was not converting the “more conservative adult smoker segments” as previously promised, and that IQOS was not faring as well internationally as originally projected. On this news, Philip Morris’ stock saw a one-day decline of $15.80 per share, or more than 26%, and has yet to recover.
Philip Morris Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20180919005655/en/
CONTACT: Leonid Kandinov
Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
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PUB: 09/19/2018 01:08 PM/DISC: 09/19/2018 01:08 PM