Koninklijke Philips N.V.
|Company Name||Koninklijke Philips N.V.|
On April 26, 2021, Philips announced its first quarter 2021 financial results and reported a EUR 250 million provision for “a quality issue in a component that is used in certain sleep and respiratory care products.” Specifically, the Company revealed “possible risks to users related to the sound abatement foam used in certain of Philips’ sleep and respiratory care devices currently in use.”
On this news, the Company’s share price fell $2.32, or 3.8%, to close at $58.78 per share on April 26, 2021, thereby injuring investors.
Then, on June 14, 2021, Philips issued a recall notification for certain devices “to address identified potential health risks related to the polyester-based polyurethane (PE-PUR) sound abatement foam component in these devices.” Moreover, it stated that “[t]he majority of the affected devices within the advised 5-year service life are in the first-generation DreamStation product family.”
On this news, the Company’s share price fell $2.25, or 3.98%, to close at $54.25 per share on June 14, 2021, thereby injuring investors further.
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