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MO.US
id: 522, Created by Stan Vick Chase, Scout
Donald Sherbondy, et al. v. Altria Group, Inc., et al.
Settled
20 December 2018
Class period Start21 February 2020
Class period End05 April 2022
Claim deadlineAltria Group (MO) agreed to pay up to $117 million to settle a securities class action lawsuit to avoid further litigation.
The Complaint alleged that the Company and its Leaders made false and/or misleading statements and/or failed to disclose that:
- Altria had conducted insufficient due diligence into JUUL prior to the Company’s $12.8 billion investment, or 35% stake, in JUUL;
- 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;
- 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;
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Case number
19-CV-05579
Filing date
02 October 2019
Lead plaintiff
Donald Sherbondy
Attorney
Cohen Milstein Sellers & Toll PLLC (Washington, DC), Pomerantz LLP (New York, NY), Robbins Geller Rudman & Dowd LLP (Melville, NY)
Defendants
Howard A. Willard III, William F. Gifford, Jr., Adam Bowen, James Monsees, Kevin Burns, and K.C. Crosthwaite
Court
Eastern District of Virginia
Judge
Hon. Joan M. Azrack
Administrator
EPIQ
Court hearing date
31 March 2022
Exclusion deadline
10 March 2022
Objection deadline
10 March 2022
Hearing deadline
31 March 2022
+$117,000,000
Total Settlement Amount