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Stock Market & Financial Investment News

News Breaks
April 30, 2014
08:37 EDTMOAltria to appeal reinstatement of Illinois “Lights” judgment of $10.1B
Philip Morris USA, a unit of Altria Group, said that it will seek immediate review by the Illinois Supreme Court of the appellate court decision to order reinstatement of the 2003 judgment in the Price “Lights” case. While that review is pending, the appellate court decision is stayed automatically. “The law does not allow the Fifth District to reopen a decision by the Illinois Supreme Court based on speculation about the possible impact of subsequent events on the higher court’s ruling. In addition, the Fifth District erred in ordering reinstatement despite the fact that the Illinois Supreme Court previously raised other problems with the judgment, including whether the case was properly certified as a class action,” said Murray Garnick, Altria Client Services senior vice president and associate general counsel, speaking on behalf of PM USA. The Illinois Supreme Court in 2005 overturned a $10.1B judgment against PM USA, which was imposed by former Madison County Circuit Judge Byron, sitting without a jury. “If the Illinois Supreme Court declines to review the case at this point, PM USA will pursue an appeal in the ordinary course, to which a $250M bond cap would apply,” Garnick added.
News For MO From The Last 14 Days
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March 5, 2015
09:10 EDTMOAltria Group expects one-time 7c charge against Q1 EPS, consensus 62c
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09:08 EDTMOAltria Group reaffirms FY15 adjusted EPS $2.75-$2.80, consensus $2.80
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February 26, 2015
08:59 EDTMOAltria Group backs FY15 adjusted EPS $2.75-$2.80, consensus $2.80
Altria (MO) expects to record a one-time, pre-tax charge against reported earnings in Q1, reflecting the loss on early extinguishment of debt related to the tender offer. The final pre-tax charge will depend upon the pricing and amount of notes purchased in the tender offer. EPS guidance excludes the Charge as well as an approximate 2c per share provision that will be recorded by Philip Morris USA (PM) in Q1.
February 25, 2015
09:49 EDTMOPhilip Morris USA reaches agreement to resolve federal Engle progency litigation
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09:39 EDTMOR.J. Reynolds, other makers reach favorable resolution of Engle progeny cases
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February 24, 2015
09:35 EDTMOActive equity options trading on open
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