Court rejects investors' call for inquiry into Philips over sleep apnoea recall
The court has turned down a request by the VEB shareholders' association and a large group of investors for an in-depth investigation into Philips over its 2021 sleep apnoea device recall.
The court has rejected requests from the investors' association VEB (Vereniging van Effectenbezitters) and a large group of investors for an in-depth investigation into Philips over the sleep apnoea scandal.
The investors had demanded an investigation into Philips' management and its handling of the scandal. The case goes back to 2021, when ventilators and sleep apnoea devices made by a US subsidiary of Philips were recalled worldwide.
VEB (Vereniging van Effectenbezitters)
The Dutch association of stockholders is an organization that represents the interests of private investors in the Netherlands. It monitors corporate governance and can take legal action on behalf of shareholders against companies suspected of mismanagement.