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$12.8B Juul Investment Hurt Altria, Shareholder Alleges

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > $12.8B Juul Investment Hurt Altria, Shareholder Alleges

$12.8B Juul Investment Hurt Altria, Shareholder Alleges

Law360 (August 28, 2020, 2:29 PM EDT) — A shareholder in tobacco giant Altria Group Inc. launched a derivative suit Thursday claiming that together with e-cigarette company Juul Labs Inc. and some of its senior executives, Altria’s brass failed to serve the company’s best interests when they invested billions in the nascent vaping company.

In her Aug. 27 suit, Florida resident Maria Cecilia Lorca claimed that six individual defendants and Juul were responsible for billions in lost capitalization that hurt the Virginia-headquartered Altria Group and its investors after Altria became a major shareholder in Juul.

According to Lorca’s complaint, in December 2018, Altria announced a $12.8 billion stock purchase agreement…

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