Juul investment scrutinized

The U.S. Securities and Exchange Commission (SEC) is investigating whether Altria adequately disclosed the risks of its investment in Juul Labs to shareholders.

Altria spent $12.8 billion on a 35 percent stake in Juul Labs in December 2018, and Altria has recorded $8.6 billion in impairment charges since then, bringing its investment value to $4.2 billion.

The SEC issued subpoenas to Juul Labs, and the company has turned over correspondence documents as well as financial projections that were shared with Altria before the deal.