Philip Morris’ Statements Properly Deemed Inactionable Puffery, Appellees Say

Mealey's (April 25, 2022, 1:33 PM EDT) -- NEW YORK — A federal district court did not err in dismissing shareholder claims brought in a securities class action against tobacco company Philip Morris International Inc. and certain of its senior executives stemming from alleged misrepresentations the defendants made concerning clinical study results for an e-cigarette product Philip Morris manufactured and the product’s financial performance in Japan because the shareholders failed to sufficiently plead any material misstatement or omission in pleading their federal securities law claims, Philip Morris argues in an April 20 appellee brief filed in the Second Circuit U.S. Court of Appeals....