Philips Sleep Apnea Deal Leaves Opening for Future Cancer Claims [BNN Bloomberg (Canada)]
Koninklijke Philips N.V. NY Registry Shares (PHG)
US:NYSE Investor Relations:
philips.com/a-w/about/investor.html
Company Research
Source: BNN Bloomberg
The Dutch company has set aside €982 million ($1.1 billion) to fund a settlement of allegations that the faulty sleep-aiding machines pose a cancer risk because of deteriorating sound-dampening foam. The deal also provides funds to cover doctors' bills as users monitor their future health. The accord seeks to resolve about 60,000 US suits over so-called continuous positive airway pressure, or CPAP, devices, which were targeted by US regulators in 2021. But it sets aside no funds for future illnesses allegedly caused by the recalled machines, Philips officials acknowledged. Cancers some researchers have linked to the degraded polyurethane can take many years to develop. Philips officials deny that the machines pose “any appreciable harm” to users. “Philips is confident that the agreement to resolve the personal injury litigation and the medical monitoring class action in the US will end the uncertainty associated with litigation in the US,” said Philips spokesperson Steve Klink
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PHG
News
- Philips announces exchange ratio for 2023 dividendGlobeNewswire
- Philips' (PHG) Gets FDA Recall for Trilogy Ventilator Glitch [Yahoo! Finance]Yahoo! Finance
- Philips sues CPAP cleaning product maker, saying it should pay part of settlements [Reuters]Reuters
- Koninklijke Philips (NYSE: PHG) was upgraded by analysts at Sanford C. Bernstein from a "market perform" rating to an "outperform" rating.MarketBeat
- PHG vs. HAE: Which Stock Is the Better Value Option? [Yahoo! Finance]Yahoo! Finance
PHG
Earnings
- 1/29/24 - In-Line
PHG
Sec Filings
- 5/16/24 - Form SC
- 5/15/24 - Form 6-K
- 5/14/24 - Form S-8
- PHG's page on the SEC website