U.S. antitrust enforcers are probing Altria Group Inc for potentially exerting i...
FILE PHOTO: Federal Trade Commission seal is seen at a news conference at FTC headquarters in Washington, U.S., July 24, 2019. REUTERS/Yuri Gripas/File Photo
Marlboro maker Altria purchased a 35% stake in Juul in December 2018 for $12.8 billion, but the shares are non-voting and the companies have not yet received antitrust approval for the transaction. Juul said in September it was replacing Chief Executive Officer Kevin Burns with K.C. Crosthwaite, a Philip Morris USA veteran and most recently the chief strategy and growth officer of Altria. It later hired Joe Murillo, a former head of regulatory affairs at Altria, to take a similar role at Juul.
Investigators were “seeking information regarding, among other things, Altria’s role in the resignation of JUUL’s former chief executive officer and the hiring by JUUL of any current or former Altria director, executive or employee,” the filing said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Altria confirms FTC investigation of Juul as agency scrutinizes role in executive shakeup at vaping companyThe Federal Trade Commission is scrutinizing Marlboro maker Altria's role in the resignation and replacement last month of the CEO of embattled e-cigarette maker Juul, the tobacco giant said Thursday in a regulatory filing.
Read more »
Altria writes down Juul investment by $4.5 billion amid vaping backlashAltria takes $4.5 billion hit from its investment in electronic-cigarette maker Juul amid vaping backlash
Read more »
Altria writes down Juul investment by $4.5 billionAltria wrote down its investment in Juul by about one-third, recording a $4.5 billion pre-tax charge against its third-quarter earnings, the company said Thursday.
Read more »
Altria writes down investment in troubled e-cigarette maker Juul by $4.5 billionAltria wrote down its investment in Juul by about one-third, recording a $4.5 billion pre-tax charge against its third-quarter earnings, the company said Thursday.
Read more »
Altria Cuts Value of Juul Stake by $4.5 BillionAltria Group wrote down the value of its investment in Juul Labs by $4.5 billion, a move that comes as the e-cigarette maker faces heightened regulatory scrutiny and federal investigations.
Read more »