SHAREHOLDER ALERT - Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action Against Philip Morris International Inc. (PM) and Lead Plaintiff Deadline - November 5, 2018
NEW YORK, Sept. 5, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors 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, on behalf of shareholders who purchased or otherwise acquired Philip Morris securities during the period between February 8, 2018 and April 18, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/pm.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose adverse information about the Company's business and prospects, and specifically that: (1) 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 expected; (2) Philip Morris' much-lauded sales initiatives had stalled; (3) the Company was experiencing adverse sales headwinds in key markets; and (4) consequently, Philip Morris stock traded at artificially inflated prices during the Class Period, reaching a high of $109 per share. Additionally, while Phillip Morris stock price was artificially inflated, the Company's CEO allegedly sold 49,000 shares for proceeds of over $5 million.
On April 19, 2018, Philip Morris announced disappointing results for its first quarter of 2018. Compared to its easiest prior-year comparison, Phillip Morris informed investors that combined cigarette and heated tobacco unit shipment volume had dropped 2.3% during the quarter and said that key sales initiatives had stalled. The Company said that heated tobacco unit growth had plateaued because of market demographics and faltering consumer conversion tactics and that cigarette shipments had fallen by 5.3% during the quarter, signaling persistent adverse trends in the business. Following this news, Philip Morris stock dropped $15.80 per share, or over 15%, to close at $85.64 per share on April 19, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/pm or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Phillip Morris you have until November 5, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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