Market Overview

Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Philip Morris International Inc.


Geller Rudman & Dowd LLP
today announced that a class action has been commenced by an
institutional investor on behalf of purchasers of Philip Morris
International Inc. (NYSE:PM) common stock during the period between
February 8, 2018 and April 18, 2018 (the "Class Period"). This action
was filed in the Southern District of New York and is captioned City
of Westland Police and Fire Retirement System v. Philip Morris
International Inc.
, No. 18-cv-08049.

The Private Securities Litigation Reform Act of 1995 permits any
investor who purchased Philip Morris common stock during the Class
Period to seek appointment as lead plaintiff. A lead plaintiff acts on
behalf of all other class members in directing the litigation. The lead
plaintiff can select a law firm of its choice. An investor's ability to
share in any potential future recovery is not dependent upon serving as
lead plaintiff. If you wish to serve as lead plaintiff, you must move
the Court no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights or
interests, please contact plaintiff's counsel, Brian
of Robbins Geller at 800-449-4900 or 619-231-1058, or via
e-mail at You can
view a copy of the complaint as filed at

The complaint charges Philip Morris and certain of its officers with
violations of the Securities Exchange Act of 1934. Philip Morris is one
of the largest and most recognizable cigarette and tobacco manufacturing
companies in the world. The Company's subsidiaries and affiliates and
their licensees are engaged in the manufacture and sale of cigarettes
and other nicotine-containing products in markets outside of the United

The complaint alleges that during the Class Period, defendants made
false and misleading statements and/or failed to disclose adverse
information regarding the Company's business and prospects, including
that 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 investors had been led to believe, that its
much-lauded sales initiatives had stalled, and that it was experiencing
adverse sales headwinds in key markets. As a result of these
misrepresentations, Philip Morris stock traded at artificially inflated
prices during the Class Period, reaching a high of $109 per share. In
addition, while the Company's stock price was artificially inflated, the
Company's CEO sold 49,000 shares of his Philip Morris stock at these
artificially inflated prices for proceeds of more than $5 million.

Then, on April 19, 2018, Philip Morris issued a press release announcing
disappointing results for the Company's first quarter of 2018. Against
its easiest prior-year comparison, the Company reported that combined
cigarette and heated tobacco unit shipment volume had declined by 2.3%
during the quarter. The Company also stated that key sales initiatives
had stalled, as the Company's heated tobacco unit growth had plateaued
due to market demographics and faltering consumer conversion tactics
and, further, that cigarette shipments had fallen by 5.3% during the
quarter, signaling persistent adverse trends in the business. On this
news, the price of Philip Morris stock declined $15.80 per share, or
more than 15%, to close at $85.64 per share on April 19, 2018.

Plaintiff seeks to recover damages on behalf of all purchasers of Philip
Morris common stock during the Class Period (the "Class"). The plaintiff
is represented by Robbins Geller, which has extensive experience in
prosecuting investor class actions including actions involving financial

Robbins Geller is one of the world's leading law firms representing
investors in securities litigation. With 200 lawyers in 10 offices,
Robbins Geller has obtained many of the largest securities class action
recoveries in history. For five consecutive years, ISS Securities Class
Action Services has ranked the Firm in its annual SCAS Top 50 Report as
one of the top law firms in both amount recovered for shareholders and
total number of class action settlements. Robbins Geller attorneys have
helped shape the securities laws and recovered tens of billions of
dollars on behalf of aggrieved victims. Beyond securing financial
recoveries for defrauded investors, Robbins Geller also specializes in
implementing corporate governance reforms, helping to improve the
financial markets for investors worldwide. Please visit
for more information.

View Comments and Join the Discussion!