A group of around 100 institutional investors are demanding over €800 million in damages from Dutch multinational conglomerate Philips.
For years, the medical technology company allegedly concealed the health risks associated with its sleep apnea devices. When these issues were made public in 2021, the stock prices plummeted, causing significant losses for shareholders.
In 2021, Philips had to recall millions of home sleep apnea devices. The insulating foam in these devices could be inhaled, causing irritation and headaches. The company also noted a long-term cancer risk.
In the United States, Philips has already paid $1.1 billion (€1 billion) in compensation.
The group of institutional investors sent a letter to Philips regarding their claim this week, according to the law firm DRRT, which represents them. The investors allege that Philips knew as early as 2015 that the foam in its devices could disintegrate into cancer-causing particles.
The law firm asserts that Philips did not share this information with regulators, shareholders, or the public but continued to manufacture and sell the devices, making substantial profits.
