By Gianluca Lo Nostro

(Reuters) -Investor group European Investors-VEB on Wednesday applied for a court inquiry into Philips over allegations of misleading disclosures and management failures linked to the company’s recall of sleep apnea devices.

Philips recalled around 15 million sleep apnea devices in 2021 after discovering that the foam in the machines could release harmful substances, posing health risks.

VEB has applied to the Enterprise Chamber of the Amsterdam Court of Appeal, claiming that Philips’ failing information provision has resulted in misleading annual reports, press releases and other public disclosures.

“Investor confidence has been seriously damaged. There is a great importance for all concerned that offences do not stay shrouded in the mist, lessons are learnt, and

See Full Page