Altria Group, Inc. (MO)
INVESTOR ALERT - Altria Group, Inc. (MO) - Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action and Lead Deadline: December 2, 2019
Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Altria Group, Inc. (“Altria” or the “Company”) (NYSE: MO) and certain of its officers, on behalf of shareholders who purchased Altria securities between December 20, 2018 and September 24, 2019, both dates inclusive (the “Class Period”).
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Altria had conducted insufficient due diligence into JUUL prior to the Company’s $12.8 billion investment, or 35% stake, in JUUL; (2) 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) all of the foregoing, as well as mounting public scrutiny, negative publicity, and governmental pressure on e-vapor products and JUUL made it reasonably likely that Altria’s investment in JUUL would have a material negative impact on the Company’s reputation and operations; and (4) as a result, Altria’s public statements were materially false and misleading at all relevant times.
On September 24, 2019, post-market, the Financial Times reported that Philip Morris International Inc. had called off talks of a $200 billion merger with Altria likely due to increasing public and governmental scrutiny of vaping and Altria’s 35% stake in industry-leading Juul Labs, Inc. (“Juul”). That same day, Juul was announced as the target of another federal investigation. Then, on September 25, 2019, media outlets reported the resignation of Juul’s Chief Executive Officer and that Juul would stop all U.S. advertising.
You can review a copy of the Complaint and sign the certification form or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Altria you have until December 2, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.