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  • Writer's pictureMartingala Risk

Martingale Risk has partnered with Grant & Eisenhofer (G&E) and Old Haven Funding LLC to file a Group Action against Philips in the Netherlands

Updated: May 13

Martingale Risk is moving forward with the group action in the Netherlands on behalf of institutional investors damaged by the decline in Philips’ stock value, resulting from the company’s misconduct regarding its respiratory devices throughout the period Nov. 2015 – Nov. 2021.

This is in consideration of an FDA (the US Food and Drug Administration) investigation, generated by customer complaints (from at least Oct. 2015) regarding Philips’ respiratory devices causing potential health issues related to foam degradation. Upon receipt of this crucial information, Philips failed to proceed with any appropriate methods of risk analysis and to implement any corrective or preventive actions. Shareholders were not provided with any details regarding the severity of these matters nor the extent that Philips would be harmed financially.

Martingale Risk has now partnered with Grant & Eisenhofer, who will act as Global Counsel, and the funder Old Haven Funding LLC. Together we are prepared to take action to further redress Philips’ misconduct, specifically to recover the investment losses of institutional investors who purchased its equities.


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