|Day's Range||2.6900 - 4.5500|
(Bloomberg) -- U.S. regulators are hitting the brakes on plans to force tobacco companies to drastically reduce addictive nicotine in cigarettes, retreating on an ambitious public-health initiative that comes amid increasing worry about nicotine use among young people.The Department of Health and Human Services has dropped a proposal unveiled two years ago to cut the level of nicotine in cigarettes to non-addictive levels, according to a regulatory document published on Wednesday.Abandoning the plan, which almost certainly would have meant a sharp reduction in tobacco sales, would be a major victory for the tobacco industry. The move also comes at a time when public debate is focused on the potential for e-cigarettes to create a new generation of nicotine addicts.Representatives for the Food and Drug Administration and the Department of Health and Human Services didn’t immediately respond to requests for comment. Shares of Altria Group Inc., the maker of Marlboro cigarettes, closed up 3.2% in New York. Philip Morris International Inc. was little-changed.In a notice posted on a government website earlier this year as part of the Food and Drug Administration’s near-term regulatory goals, the agency said that the policy “would have significant public health benefits for youth, young adults, and adults, as well as potentially vast economic benefits.”That goal, once included as part of the “unified agenda” of regulations the government is working on, is no longer listed on the website, which was updated Wednesday as part of a semiannual review.FDA spokesman Michael Felberbaum said that the removal of the plans “does not mean the agency does not consider them a priority or will not continue to work on their development.”“The agency has focused on regulations that reflect its most immediate priorities,” Felberbaum said in an email. “FDA continues to gather evidence and data on an ongoing basis regarding all tobacco products.”Ambitious PlanIn 2017, then-FDA Commissioner Scott Gottlieb said he wanted to reduce nicotine levels in cigarettes and other burnt tobacco to near-zero. Almost half a million people in the U.S. die each year from tobacco-related causes, according to the Centers for Disease Control and Prevention, and the move was hailed at the time as a potentially monumental public-health decision. One estimate published in the New England Journal of Medicine projected it could save 2.8 million lives by 2060, and millions more in later decades.“If the FDA abandons its plan to limit nicotine levels in cigarettes, it will miss an unprecedented opportunity to improve health and save lives,“ said Matthew Myers, president of the advocacy group Campaign for Tobacco-Free Kids.The proposal also shocked Wall Street, sending stocks of tobacco giants including Altria plunging as investors reconsidered whether people would bother smoking a cigarette without the addictive chemical. The move was paired with a decision -- later reversed -- to give e-cigarette makers extra time to keep their products on the market without regulation.Gottlieb left the FDA before the nicotine policy could be seen through. Altria later bought a $12.8 billion stake in e-cigarette market leader Juul Labs Inc., a hedge against declining smoking rates.“The effort to lower nicotine in cigarettes is a central part of our effort to reduce death and disease from tobacco,” Gottlieb said in response to a request for comment from Bloomberg. “It’s critical we all maintain our commitment to these public health goals.”Another former FDA commissioner, Robert Califf, said on Twitter that the change marked “a sad day for future grandchildren. They will have fewer grandparents because of this.”Altria spokesman Steven Callahan declined to comment.The update to the U.S. regulatory agenda was published on the same morning that a Senate panel was considering the nomination of Texas oncologist Stephen Hahn to be the new head of the FDA. At that hearing, Hahn was peppered with questions about the agency’s approach to the e-cigarette industry. This year, government data has shown a surge in use of e-cigarettes by teens, and thousands of Americans have suffered serious lung injuries after vaping.The Trump administration had vowed tough curbs on flavored vaping products in September. Since then, however, the president has signaled any effort to clear the market of flavored products that appeal to young people is on hold.The FDA’s oversight of the tobacco industry was the product of a pitched political battle that began in the 1990s and culminated in a 2009 law giving the agency oversight of cigarettes and other smokeless products.Recently, some administration officials have questioned the FDA’s role in regulating tobacco. Joe Grogan, the head of the White House Domestic Policy Council, earlier this month called the FDA’s regulation of tobacco “a huge waste of time” and said the agency should focus on pharmaceuticals.(Updates with estimate on potential lives saved in ninth paragraph)\--With assistance from Tiffany Kary.To contact the reporter on this story: Drew Armstrong in New York at email@example.comTo contact the editors responsible for this story: Drew Armstrong at firstname.lastname@example.org, Timothy AnnettFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NEW YORK, NY / ACCESSWIRE / November 20, 2019 / The Law Offices of Vincent Wong announce that class actions have commenced on behalf of certain shareholders in the following companies. If you suffered ...
Pomerantz LLP announces that a class action lawsuit has been filed against Altria Group, Inc. (“Altria” or the “Company”) (NYSE: MO) 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.
NEW YORK, NY / ACCESSWIRE / November 20, 2019 / The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies. If you suffered a loss, you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff.
New York, New York--(Newsfile Corp. - November 20, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Altria Group, Inc. (NYSE: MO) ("Altria" or the "Company") of the December 2, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi logoIf you invested in Altria stock or options between December 20, 2018 ...
NEW YORK, NY / ACCESSWIRE / November 20, 2019 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. To determine your eligibility and get free access to our shareholder support tools that provide you with case updates, automated loss calculations and claims recovery assistance, please contact the firm via the links below.
The Zacks Analyst Blog Highlights: JPMorgan Chase, Altria, ConocoPhillips, The Travelers Companies and Twitter
NEW YORK, NY / ACCESSWIRE / November 20, 2019 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following publicly-traded companies. You can review a copy of the Complaints by visiting the links below or you may contact Peretz Bronstein, Esq. If you suffered a loss, you can request that the Court appoint you as lead plaintiff.
Investing.com – Canopy Growth has plunged in recent months to levels that finally make it worth buying, Bank of America said on Wednesday, sending shares of the Canadian cannabis producer sharply higher.
CEDARHURST, N.Y., Nov. 19, 2019 -- The securities litigation law firm of Kuznicki Law PLLC issues this alert to shareholders of the following publicly traded companies..
NEW YORK, Nov. 19, 2019 -- New York, N.Y., November 19, 2019. Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Altria Group, Inc..
NEW YORK, Nov. 19, 2019 -- Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies..
NEW ORLEANS, Nov. 18, 2019 -- ClaimsFiler, a FREE shareholder information service, reminds investors of pending deadlines in the following securities class action lawsuits:.
NEW YORK, NY / ACCESSWIRE / November 18, 2019 / The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies. There is no cost to participate ...
NEW YORK , Nov. 18, 2019 /CNW/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Altria Group, Inc. ("Altria" or the "Company") (NYSE: MO) 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.
(Bloomberg) -- Juul Labs Inc. was sued by California for allegedly targeting teenagers with ads for its e-cigarettes, after a series of lawsuits filed by schools, parents and others against the market leader as deaths and illnesses linked to vaping add up across the U.S.“Juul adopted the tobacco industry’s infamous playbook, employing advertisements that had no regard for public health and searching out vulnerable targets,” said California Attorney General Xavier Becerra, who announced the lawsuit at a news conference Monday in Los Angeles. “Today we take legal action against the deceptive practices that Juul and the e-cigarette industry employ to lure our kids into their vaping web.”The San Francisco-based e-cigarette company has become a target of government regulators attempting to stem an epidemic of new nicotine users who have flocked to the sleek device even though many have never smoked cigarettes.Becerra alleges that Juul targeted young people in its advertising, failed to include required warnings, knowingly delivered tobacco products to consumers without verifying their age, kept the personal e-mails of minors who tried and failed to make a purchase, and proceeded to market Juul to them.The suit seeks to make Juul pay for the cost of addiction treatment and for prevention. Becerra also wants the court to order Juul to abate a public nuisance and to stop making false and misleading statements and engaging in unfair competition, according to the complaint, and is asking for as much as $2,500 per violation of California false advertising and unfair competition laws.The public-nuisance claims are similar to those against opioid makers and distributors.Read More: Juul, Altria Sued Over E-Cig Marketing as Legal Claims MountJuul hasn’t yet reviewed the lawsuit but is committed to “resetting the vapor category” and “earning the trust of society” by working with authorities to “combat underage use and convert adult smokers from combustible cigarettes,” Juul spokesman Austin Finan said in a statement. In the U.S., Juul has stopped accepting orders for Mint JUULpods and suspended all product advertising, Finan said.“Our customer base is the world’s 1 billion adult smokers and we do not intend to attract underage users,” according to the statement.School districts across the U.S., among others, have filed federal suits claiming an economic burden from teen vaping, and there are more than 40 suits in state courts as well. Some of the plaintiffs are parents who claim their children got addicted to nicotine by using e-cigarettes.In addition, the company is facing investigations by the U.S. Food and Drug Administration and the Federal Trade Commission, a congressional inquiry and, reportedly, a criminal probe by the Department of Justice.Juul dominates the U.S. market for e-cigarettes. Its vaporizer has been particularly popular with younger users. Altria Group Inc., which makes and markets Marlboro cigarettes in the U.S., invested about $13 billion in the closely held company last year in exchange for a 35% stake. Altria isn’t named as a defendant in California’s suit.As of Nov. 13, the Centers for Disease Control and Prevention has reported 42 deaths of patients tied to e-cigarette or vaping product use, with a further 2,172 cases of associated lung injury reported nationwide. Four of the deaths were patients in California, according to a statement from the attorney general.(Updates with what suit seeks in fifth paragraph and with Juul comment below)\--With assistance from Ellen Huet.To contact the reporters on this story: Edvard Pettersson in Los Angeles at email@example.com;Erik Larson in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, Peter Jeffrey, Peter BlumbergFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NEW YORK, NY / ACCESSWIRE / November 18, 2019 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Investors Affected: on behalf of all persons who purchased Dropbox Class A common stock pursuant or traceable to the registration statement issued in connection with the Company’s March 23, 2018 initial public offering.
NEW YORK, NY / ACCESSWIRE / November 18, 2019 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following publicly-traded companies. You can review a copy of the Complaints by visiting the links below or you may contact Peretz Bronstein, Esq. If you suffered a loss, you can request that the Court appoint you as lead plaintiff.
Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Altria Group, Inc...
NEW YORK, NY / ACCESSWIRE / November 17, 2019 / The Law Offices of Vincent Wong announce that class actions have commenced on behalf of certain shareholders in the following companies. If you suffered ...