Shareholder Claims Juul Investment Cost Altria $50 Billion

Mealey's (September 9, 2020, 10:03 AM EDT) -- SAN FRANCISCO — A shareholder of Altria Group Inc. filed a shareholder derivative action on Aug. 27 in California federal court accusing the tobacco company's executives, e-cigarette maker Juul Labs Inc. and Juul executives of harming Altria shareholders due to an estimated $50 billion in market capitalization losses that allegedly were caused by Altria's $12.8 billion investment in Juul (Maria Cecilia Lorca, derivatively on behalf of Altria Group Inc. v. William F. Gifford, Jr., et al., No. 20-6041, N.D. Calif.)....