SAN FRANCISCO, Sept. 26, 2019 /PRNewswire/ -- Hagens Berman notifies Altria Group, Inc. (NYSE: MO) investors of the firm's investigation of possible violations of federal securities laws.
Relevant Holding Period: Before Sept. 24, 2019
Email: [email protected]
Visit: https://www.hbsslaw.com/investor-fraud/MO
Call: Reed Kathrein, who is leading the firm's investigation: 510-725-3000.
Altria Group (MO) Investigation:
The investigation centers on whether Altria Group misrepresented or concealed the significant risks associated with its nearly $13 billion investment in Juul Labs, Inc.
On December 20, 2018, Altria, one of the world's largest cigarette manufacturers, bought a 35% stake in Juul for $12.8 billion. The company hyped the investment as accelerating Altria's mission of "providing adult smokers with superior, satisfying products with the potential to reduce harm" and providing "long-term benefits for adult smokers and our shareholders."
On September 24, 2019, after market hours, media outlets reported that tobacco giant Philip Morris International had called off talks of a $200 billion merger with Altria due to increasing public and governmental scrutiny of vaping and Altria's partial ownership of industry-leading Juul Labs. The reports noted that regulators were focused on whether Altria and Juul misled the public as to the safety of e-cigarettes and whether they actively and deceptively marketed these devices to minors.
Following news of these investigations and of the canceled merger talks, the value of Altria stock has decreased more than 25% since March 2019, eliminating nearly $30 billion in market capitalization.
"We're focused on investors' losses and whether the Company downplayed the risks of its historic investment in Juul," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Altria should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
SOURCE Hagens Berman Sobol Shapiro LLP
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