Altria Group Inc took another $4 billion charge on its investment in Juul Labs I...
) took another $4 billion charge on its investment in Juul Labs Inc and said it had reworked its deal terms with the embattled e-cigarette maker, which is facing increased regulatory scrutiny amid a backlash against vaping.
“I’m highly disappointed in the financial performance of the Juul investment,” Altria Chief Executive Officer Howard Willard said on a post-earnings call.Factbox: U.S. lawsuits take aim at vaping “It’s a major black eye for the management. It’s a major strategic mistake in hindsight,” CFRA Research analyst Garrett Nelson said.
FILE PHOTO: A hand with a cigarette is seen in front of displayed logos of Philip Morris and Altria in this picture illustration taken September 26, 2019. REUTERS/Dado Ruvic/Illustration Willard added he was “optimistic” that data from a federal youth tobacco survey would be released before the FDA made its decision on the applications and that it shows a reduction in youth usage of e-vapor products.
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