From mint · · 50s
Court Denies Philips Recall Probe
Amsterdam court rejects investor probe into Philips' 2021 sleep apnea device recall handling.
In brief
Amsterdam court rejects investor probe into Philips' 2021 sleep apnea device recall handling. Amsterdam court dismissed investor requests to investigate Philips' 2021 sleep apnea device recall management. Originally reported by mint.
Court rejects Philips recall probe
Amsterdam court dismissed investor requests to investigate Philips' 2021 sleep apnea device recall handling.
Investors claimed delays
Dutch investors argued Philips' internal systems missed device problems until early 2021 and knew about US subsidiary issues earlier than disclosed.
Court found no wrongdoing
Court stated Philips' boards received health risk data on time and had no reason to intervene earlier at Respironics.
Recall details
Recall involved 3.5 million sleep apnea and ventilator devices due to degrading polyester foam releasing toxic particles.
Philips shares fall
Philips shares dropped 6.3% this year as court dismissed investor probe into 2021 recall handling.
What to remember
Amsterdam court dismissed investor requests to investigate Philips' 2021 sleep apnea device recall management.
