SAN DIEGO, June 17, 2021 (GLOBE NEWSWIRE) --

Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by Koninklijke Philips N.V. ("Philips" or "the Company") (NYSE: PHG).

On April 26, 2021, Philips announced its first-quarter 2021 financial results and reported a, 250 million EUR provision for "a quality issue in a component that is used in certain sleep and respiratory care products." Specifically, the Company disclosed "possible risks to users related to the sound abatement foam used in certain of Philips’ sleep and respiratory care devices currently in use."

Then on June 14, 2021, Philips Initiated a voluntary recall of some of its sleep and respiratory care devices due to health concerns. The product recall applies to Philip's Bi-Level Positive Airway Pressure (Bi-Level PAP) and Continuous Positive Airway Pressure (CPAP) devices and its mechanical ventilators due to the sound reduction foam used in these devices. The Company found that the sound abatement foam used in these devices can degenerate and release harmful particles that, if inhaled, can cause inflammation, irritation, headache, or even pose the risk of cancer.

Following this news, the price of Philips common shares closed down 3.988% on June 14, 2021.

If you have information that could assist in this investigation, including past employees and others, or if you are a Philips shareholder and are interested in learning more about the investigation, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number.

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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

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