Hagens Berman Alerts Investors in Philip Morris International (NYSE: PM) to the Firm’s Ongoing Investigation and the November 5, 2018 Securities Class Action Lead Plaintiff Deadline
SAN FRANCISCO , Oct. 04, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Philip Morris International Inc. (NYSE: PM) to the November 5, 2018 Lead Plaintiff deadline in the securities class action pending in the United States District Court for the Southern District of New York. If you purchased or otherwise acquired Philip Morris securities between July 26, 2016 and April 18, 2018 (the “class period”) and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
Throughout the class period, Defendants reassured investors that negative sales trends due to declining smoking percentages worldwide were successfully offset by new sales initiatives concerning heated tobacco products.
On April 19, 2018, Defendants announced disappointing Q1 2018 results and disclosed Philip Morris’ sales initiatives were having limited success converting conservative adult smoker segments and sales of heated tobacco units in Japan hit a “plateau.”
This news drove the price of the Company shares down approximately 15% to close at $85.64 that day.
SEC filings show Philip Morris’ Chief Executive Officer sold 49,000 shares at $103.66 for over $5 million total gross proceeds just two months before the April 19 news.
“We’re focused on investors’ losses, the extent to which Defendants’ statements concerning sales initiatives may have misled them, and whether the CEO’s sales were improper,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Philip Morris should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email PM@hbsslaw.com.
About Hagens Berman Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 80+ attorneys in 10 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:Reed Kathrein, 510-725-3000