'Philips Kept Complaints About Dangerous Breathing Machines Secret While Company Profits Soared' - ProPublica
Portfolio Pulse from Benzinga Newsdesk
Philips Respironics, a subsidiary of Royal Philips, is under scrutiny for its handling of complaints about its breathing machines, which were found to have a potentially harmful foam component. The company received complaints about the foam as early as 2010 but did not alert the FDA or the public until a recall in June 2021. The foam, used to reduce noise in the machines, was found to degrade and release potentially toxic and carcinogenic particles. Despite internal warnings, Philips continued to sell the machines, which were used by children, the elderly, and at least 700,000 veterans. The company is now facing numerous lawsuits.

September 27, 2023 | 3:51 pm
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Royal Philips, the parent company of Philips Respironics, may face financial and reputational damage due to the handling of the foam issue in its breathing machines. The company is facing numerous lawsuits and regulatory scrutiny, which could impact its stock price.
The news about Philips Respironics' handling of the foam issue in its breathing machines is directly related to Royal Philips, as it is a subsidiary of the company. The potential financial and reputational damage from the numerous lawsuits and regulatory scrutiny could negatively impact Royal Philips' stock price in the short term.
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