On Sunday night, Philips acknowledged receiving the letter from VEB but declined to discuss its content.
Philips' market value has decreased by around €27 billion over the past 15 months due to the ventilators recall as investors worry about high legal costs.
In its letter, VEB noted that Philips is accountable for about €16 billion in losses as a result of the company giving incorrect information regarding the recalled devices. The shareholder association claims that information from the U.S. Food and Drug Administration (FDA) data revealed that firm staff were aware of issues years before customers were made aware of them.
source: reuters.com
Philips' market value has decreased by around €27 billion over the past 15 months due to the ventilators recall as investors worry about high legal costs.
In its letter, VEB noted that Philips is accountable for about €16 billion in losses as a result of the company giving incorrect information regarding the recalled devices. The shareholder association claims that information from the U.S. Food and Drug Administration (FDA) data revealed that firm staff were aware of issues years before customers were made aware of them.
source: reuters.com
