NEW YORK, Jan. 06, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed
against Philip Morris International Inc. (“Philip Morris” or the “Company”) (NYSE:PM) and certain of its officers. The
class action, filed in United States District Court, for the District of New Jersey, is on behalf of a class consisting of
investors who purchased or otherwise acquired Philip Morris securities, seeking to recover compensable damages caused by
defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Philip Morris securities between July 26, 2016, and December 20, 2017,
both dates inclusive, you have until February 20, 2018 to ask the Court to appoint you as Lead Plaintiff for the class. A
copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here to join this class action]
Philip Morris is a Virginia corporation with its principal executive offices located at 120 Park Avenue, New
York, New York. Philip Morris, through its subsidiaries, manufactures and sells cigarettes, other tobacco products, and other
nicotine containing products.
Philip Morris is currently developing a portfolio of Reduced-Risk Products ("RRP"). RRP does not burn tobacco
and produces significantly lower levels of harmful or potentially harmful compounds than found in smoke. Phillip Morris has
four RRP platforms in various stages of development and commercialization readiness. Platform 1 uses a precisely controlled
heating device that Philip Morris is commercializing under the IQOS brand name, into which a specially designed and proprietary
consumable tobacco product (“IQOS Consumables”) is inserted and heated to generate an aerosol.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading
statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or
misleading statements and/or failed to disclose that: (1) there were irregularities in the clinical experiments that underpin
Philip Morris' application to the U.S. Food and Drug Administration (“FDA”) for approval of its iQOS smoking device; and (2) as a
result, defendants' statements about Philip Morris' business, operations and prospects were materially false and misleading and/or
lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors
suffered damages.
On December 20, 2017, Reuters published a report stating that “[f]ormer employees and contractors [of Phillip
Morris] have detailed irregularities in the clinical experiments that underpin Philip Morris International’s application to the FDA
for approval of its iQOS smoking device.”
On this news, shares of Philip Morris fell $3.75 per share or approximately 3.5% from its previous closing price
to close at $104.37 per share on December 20, 2017, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz,
known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80
years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com