The US Food and Drug Administration (FDA) has hit Philips with a warning letter after quality control shortcomings were uncovered at three of its medical device manufacturing sites. Issued on 9 September, the letter prompted Philips’ stock on the Nasdaq to dip 5.5% to a $27.30 close on 28 October after it was made public. Philips has a market cap of$27.4bn. The FDA’s letter highlighted issues pertaining to “adulteration” following its inspection of Philips’ two ultrasound manufacturing sites in Bothell, ...