Page 36 - Philips News Today

Thousands of people with sleep apnea and other illnesses had sued the company, claiming flawed devices were harming them.

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Philips Respironics announced that it agreed to pay over a billion dollars to settle claims stemming from the 2021 U.S. recall of its sleep therapy devices.

Medical device maker Philips, one of Westmoreland County’s largest employers, said Monday it will pay $1.1 billion to settle hundreds of personal injury lawsuits in the United States over its defective sleep apnea machines, which have been subject to a massive global recall. The Dutch manufacturer did not admit any

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Philips shares got a huge boost today despite first-quarter results that fell shy of the consensus forecast on Wall Street.

Despite the good news, Philips faces long-term headwinds and reputational damage from this issue.

Dutch medical device maker Philips said Monday it had reached a $1.1 billion deal to settle US lawsuits over faulty sleep machines that have dogged the company.