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...Marlboro maker Altria has swapped its minority stake in Juul Labs for intellectual property rights to some of the e-cigarette company’s heated tobacco prototypes, ending an investment which plummeted in...
...Altria’s plan to come back from its disastrous $12.8bn investment in Juul is drawing it into a head to head fight for the US smokeless tobacco market with Philip Morris International, the former sister company...
...In doing so, the Court rejects the approach recently adopted by another judge of this District in a similar case, SEC vs. Ripple Labs Inc., . . ....
...Altria has since cut its valuation of that investment to just $250mn after Juul suffered a series of regulatory and legal blows....
...“Today, Juul Labs has identified a path forward, enabled by an investment of capital from some of our earliest investors,” the company said in a statement....
...Per Bloomberg: Juul Labs Inc. is beginning talks regarding funding for a potential Chapter 11 bankruptcy, according to people with knowledge of the preparations....
...We’ve summarised the nine-page judgment (h/t Katie Martin), which can be read in full here....
...Juul Labs, the Altria-backed e-cigarette group, must pay $438.5mn under a settlement with dozens of US attorneys-general after their two-year investigation concluded it had “cynically” advertised vaping...
...Subsequently, Altria took a 35 per cent stake in the e-cigarette manufacturer Juul Labs whose products are subject to a ban, currently stayed, by the US Food and Drug Administration and is facing possible...
...Juul products therefore assumed the status as gateway drugs to cigarettes in the minds of some health officials. Altria paid $12.8bn for a 35 per cent stake in Juul in 2018....
...His gowns and opera coats have rustled through galleries at the V&A and the National Portrait Gallery, where one could almost imagine the pearl- and brocade-bedecked duchesses looking on in envy from their...
...It’s all very colourful though. 5) Fern Labs Inc ($1mn for 5 per cent stake) There’s a company called Fern Labs Inc based at 280 Smith St, Farmingdale, NY 11735, United States, roughly in the middle of...
...In 2020, Cucinelli funded the rebuilding of the Civic Tower Norcia, Perugia, after an earthquake, and this year announced the investment of €1mn in the Himalayan Regenerative Fashion Living Lab, which helps...
...H&R Block once held a banking charter....
...Write to the FintechFT team at imani.moise@ft.com and sid.v@ft.com. You can build it, but will they come?...
...The deal was called off, however, after a regulatory crackdown on e-cigarettes in the US that dented the fortunes of Juul Labs, the vaping company in which Altria had taken a stake....
...transformed the 2008 financial shock into a prolonged recession....
...Juul Labs....
...The claims are the latest blow to a troubled deal first struck in 2018 when Altria acquired a 35 per cent stake in Juul, a start-up whose vaping products dominated the US market....
...The change gave Juul a new valuation of about $12bn....
...The Juul writedown pushed Altria into a $1.8bn loss for 2019, compared with a $1.3bn profit the previous year. Revenues for the calendar year fell 2 per cent to just over $6bn....
...Unfortunately for Altria its Juul investment has turned into a major headache....
...Anyway, there’s much to enjoy in the paper for policy wonks, technologists or historians, so do have a read if you want a break from wondering whether we’ll have a V-shaped recovery or not....
...The US tobacco behemoth has written down its $12.8bn investment in e-cigarette group Juul Labs by more than a third....
...Juul employees shared a $2bn bonus pool as a result of the deal. Since then Juul has been caught in a political, regulatory and legal backlash over vaping....
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