Dutch Court Rejects Philips Recall Probe Request

The Amsterdam Court of Appeal rejected shareholders’ request for an inquiry into Philips’ handling of its 2021 recall of sleep-apnea and ventilator devices. Shareholders alleged the company acted too slowly and misled investors, but the court found no sufficient basis to conclude Philips knew of the foam-related risks earlier, disclosed information improperly, or should have intervened sooner at its Respironics unit. The ruling does not determine whether errors occurred at Respironics or resolve potential investor liability, and it does not lift the U.S. restrictions on Respironics’ sales of new devices under a separate consent decree.