Philip Morris International Inc. ("Philip Morris") is a Swiss-American multinational cigarette and tobacco manufacturing company, with products sold in over 180 countries.

According to the law firm press release, the lawsuit alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) there were irregularities in the clinical experiments that underpin Philip Morris’ application to the FDA for approval of its iQOS smoking device; and (2) as a result, Defendants’ statements about Philip Morris’ business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On February 13, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. This case was voluntarily dismissed on March 4, 2019.