Investors Say Suit Over Philip Morris E-Cig Sales Must Go On
Law360 (September 11, 2019, 3:22 PM EDT) -- Investors in Philip Morris International have told a New York federal judge they've more than adequately pled claims in their proposed class action that the company lied about sales and regulation efforts for its flagship electronic cigarette.
The investors asked the judge Tuesday to reject Philip Morris' bid to dismiss their securities suit, arguing that although the U.S. Food and Drug Administration has authorized domestic sales of the company's IQOS — an electronic device that heats but doesn't burn tobacco units called HeatSticks — the agency has not validated the company's claims that IQOS is a safer alternative to traditional cigarettes....
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