A lawsuit was filed on behalf of investors in Philip Morris International Inc. (NYSE: PM) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 09/20/2018 -- An investor, who purchased shares of Philip Morris International Inc. (NYSE: PM), filed a lawsuit over alleged violations of Federal Securities Laws by Philip Morris International Inc.
Investors who purchased shares of Philip Morris International Inc. (NYSE: PM) have certain options and for certain investors are short and strict deadlines running. Deadline: November 5, 2018. NYSE: PM investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On April 19, 2018, Philip Morris International Inc. (NYSE: PM) announced its results for the Company's first quarter of 2018. Against its easiest prior-year comparison, the Company reported that combined cigarette and heated tobacco unit shipment volume had declined by 2.3% during the quarter.
Philip Morris International Inc. also stated that key sales initiatives had stalled, as the Company's heated tobacco unit growth had plateaued due to market demographics and faltering consumer conversion tactics and, further, that cigarette shipments had fallen by 5.3% during the quarter, signaling persistent adverse trends in the business.
The plaintiff claims that between February 8, 2018 and April 18, 2018, the defendants made false and misleading statements and/or failed to disclose adverse information regarding the Company's business and prospects, including that Philip Morris was experiencing a faster decline in overall cigarette and e-cigarette (or "heated tobacco") sales volumes during the first quarter of 2018 than investors had been led to believe, that its much-lauded sales initiatives had stalled, and that it was experiencing adverse sales headwinds in key markets, and that as a result of these misrepresentations, Philip Morris stock traded at artificially inflated prices between February 8, 2018 and April 18, 2018, reaching a high of $109 per share.
The plaintiff also claims that in addition, while the Company's stock price was artificially inflated, the Company's CEO sold 49,000 shares of his Philip Morris stock at these artificially inflated prices for proceeds of more than $5 million.
Those who purchased shares of Philip Morris International Inc. (NYSE: PM) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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92108 San Diego
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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