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.
Shares of medical giant Philips surged Monday after the company announced that it paid over a billion dollars to settle personal injury claims tied to its recalled sleep apnea devices. Philips Respironics, a subsidiary of Philips, recalled about 15 million sleep therapy devices in 2021 over concerns that a foam component could disintegrate and be inhaled by the user, possibly causing health issues, including toxic and carcinogenic effects. Philips share price hit a 52-week-high on Monday at $29.
Jakobs added that "the remediation of the sleep therapy devices for patients is almost complete, and the test results to date show the use of these devices is not expected to result in appreciable harm to health." While Philips Respironics agreed to pay $1.1 billion for the U.S. cases stemming from the recall, the company said it does not "admit any fault or liability, or that any injuries were caused by Respironics’ devices.
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