Its not action against Phorm, but rather the UK laws that govern how the consent system would operate.
i.e. Phorm is OK under UK law, but EU is questioning the UK laws in relation to what the EU has said should happen. So when lawyers have said that Phorm is fine, they've probably referred to UK law as it stands, or the UK interpretation of EU law.
The EU press release does not indicate that Phorm will be outlawed as some seem to interpret, but rather that consent will need to be much more informed.