Philip Morris International Inc. (NYSE: PM)
Hagens Berman Sobol Shapiro LLP reminds investors in Philip Morris International Inc. (NYSE: PM) of the November 5, 2018 Lead Plaintiff deadline in the securities class action pending in the United States District Court for the Southern District of New York.
If you purchased or otherwise acquired shares of PM between July 26, 2016 and April 18, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing PM@hbsslaw.com.
Throughout the class period, Defendants reassured investors that negative sales trends due to declining smoking percentages worldwide were successfully offset by new sales initiatives concerning heated tobacco products.
On April 19, 2018, Defendants announced disappointing Q1 2018 results and disclosed Philip Morris’s sales initiatives were having limited success converting conservative adult smoker segments and sales of heated tobacco units in Japan hit a “plateau.”
This news drove the price of the Company shares down approximately 15% to close at $85.64 that day.
SEC filings show Philip Morris’s Chief Executive Officer sold 49,000 shares at $103.66 for over $5 million total gross proceeds just two months before the April 19 news.
“We’re focused on investors’ losses, the extent to which Defendants’ statements concerning sales initiatives may have been misleading, and whether the CEO’s sales were improper,” said Hagens Berman partner Reed Kathrein.
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