Philip Morris Fights Off Investor Suit on Smoke-Free Device

Philip Morris International Inc. is free of all investor claims in a suit alleging it withheld information about health risks associated with its iQOS smoke-free device, a federal judge in New York said Friday.

Investors accused the tobacco manufacturer of misleading them about the results of iQOS clinical studies presented to the Food and Drug Administration. The agency’s “July 2020 approval of iQOS as a ‘modified risk tobacco product’ severely undermines any allegations of falsity,” the U.S. District Court for the Southern District of New York said, dismissing the case with prejudice.

Judge Ronnie Abrams threw out most of ...