NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating certain directors and officers of Altria Group, Inc. (“Altria”) (NASDAQ: MO) for breaching their fiduciary duties to Altria and its shareholders. If you are an Altria shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or firstname.lastname@example.org.
On December 20, 2018, Altria announced it acquired a 35% stake in JUUL Labs, Inc. (“JUUL”), the leading U.S. e-cigarette producer.
Scott+Scott is investigating whether the Board failed to disclose that: (1) Altria conducted insufficient due diligence before investing in JUUL; (2) Altria did not account for material risks associated with JUUL’s products and marketing practices; (3) the above, plus public scrutiny and governmental pressure on e-vapor products, made it likely that Altria’s investment in JUUL would materially harm Altria’s reputation and operations; and (4) as a result, Altria’s public statements about its business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On April 3, 2019, the U.S. Food and Drug Administration announced an investigation into 35 cases of people suffering seizures after “vaping.” On August 29, 2019, the Wall Street Journal reported that the U.S. Federal Trade Commission was investigating whether JUUL used marketing practices to appeal e-cigarettes to minors. Several other federal and state investigations into health risks of vaping, as well as JUUL’s marketing practices, are ongoing.
On September 25, 2019, Altria announced that Philip Morris International Inc. had called off a reported $200 billion merger with Altria, reportedly due to increasing scrutiny of vaping and Altria’s 35% stake in JUUL.
What You Can Do
If you are an Altria shareholder, you may have legal claims against Altria’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or email@example.com.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.