Glancy Prongay & Murray LLP Files Securities Class Action on Behalf of Altria Group, Inc. Investors
LOS ANGELES--(BUSINESS WIRE)--Dec 2, 2019--
Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Eastern District of New York captioned Cipolla v. Altria Group, Inc., et al., (Case No. 1:19-cv-06774), on behalf of persons and entities that purchased or otherwise acquired Altria Group, Inc. (NYSE: MO ) (“Altria” or the “Company”) securities between October 25, 2018 and September 24, 2019, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have until December 2, 2019 to move the Court to serve as lead plaintiff in this action.
If you are a shareholder who suffered a loss, click here to participate.
On December 20, 2018, Altria acquired a 35% stake in investment in JUUL Labs, Inc. (“JUUL”), the purported U.S. leader in electronic vapor products, including e-cigarettes.
On April 3, 2019, the U.S. Food and Drug Administration (“FDA”) announced its investigation into nearly three dozen cases of people suffering from seizures after vaping.
On this news, the Company’s stock price fell $2.71, or nearly 5%, to close at $53.98 per share on April 3, 2019, thereby injuring investors.
Then, on August 29, 2019, The Wall Street Journal reported that the U.S. Federal Trade Commission (“FTC”) was investigating whether JUUL used influencers and other marketing practices to appeal e-cigarettes to minors.
On this news, the Company’s stock price fell $1.60, or over 3%, to close at $44.25 per share on August 29, 2019, thereby injuring investors further.
Then, on September 25, 2019, Altria announced that Philip Morris International had called off discussions of a $200 billion merger with Altria due to scrutiny of the vaping industry and the Company’s 35% stake in market leader JUUL.
On this news, the Company’s stock price fell an additional $0.17 per share, or 0.42%, to close at $40.56 per share on September 25, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Altria had conducted insufficient due diligence into JUUL prior to the Company’s $12.8 billion investment, or 35% stake, in JUUL; (2) that Altria consequently failed to inform investors, or account for, material risks associated with JUUL’s products and marketing practices, and the true value of JUUL and its products; (3) that, as a result of the foregoing, as well as mounting public scrutiny, negative publicity, and governmental pressure on e-vapor products and on JUUL, Altria’s investment in JUUL was reasonably likely to have a material negative impact on the Company’s reputation and operations; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased Altria securities during the Class Period, you may move the Court no later than December 2, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191202006008/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2019.
PUB: 12/02/2019 08:29 PM/DISC: 12/02/2019 08:29 PM