Pomerantz llp announces files class action lawsuit against altria group, inc. and certain of its officers

Pomerantz llp announced that a class action lawsuit has been filed against altria group, inc. and certain of its officers. the class action, filed in united states district court, for the eastern district of new york, and indexed under 19-cv-05579, is on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired altria securities between december 20, 2018 and september 24, 2019, both dates inclusive (the "class period"), seeking to recover damages caused by defendants' violations of the federal securities laws and to pursue remedies under sections 10(b) and 20(a) of the securities exchange act of 1934 (the "exchange act") and rule 10b-5 promulgated thereunder, against the company and certain of its top officials. the complaint alleges that throughout the class period, defendants made materially false and misleading statements regarding the company's business, operational and compliance policies. specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) altria had conducted insufficient due diligence into juul prior to the company's $12.8 billion investment, or 35% stake, in juul; (ii) 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; (iii) 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 (iv) as a result, the company's public statements were materially false and misleading at all relevant times.
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