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On November 28, 2011 the board of directors at Vector Group Ltd (VGR:$17.6700,$0.1000,0.57%) approved a dividend of 0.40 per share. The dividend is payable on December 29, 2011 to shareholders of record on December 15, 2011.
Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Tuesday, Vector Group Ltd (VGR)’s Executive VP, Richard Lampen, made a $885,250 buy of VGR, purchasing 50,000 shares at a cost of $17.70 each. Vector Group Ltd is trading up about 0.9% on the day Wednesday. This purchase marks the first one filed by Lampen in the past twelve months. In the past year, 1 other insider purchased VGR, buying $8.85M shares at a cost of $17.70 each.
And on Monday, President William C. Gautreaux purchased $468,600 worth of Inergy L.P. (NRGY), purchasing 20,000 shares at a cost of $23.43 a piece. In the past twelve months, 2 other insiders bought NRGY, in 3 transactions, for a total cost of $389,049 at an average of $24.62 per share. Inergy L.P. is trading off about 1.8% on the day Wednesday. So far Gautreaux is in the green, up about 2.4% on their purchase based on today’s trading high of $24.00.
<5 Major Buys From Billionaire Carl Icahn November 21, 2011 | includes: ARII, EP, FDML, OSK, VGR
Vector Group Limited
Vector, the cigarette manufacturer, has a market cap of $1.39 billion and is currently trading at around $17.50, with a price to earnings ratio of 17.24. Its 52 week trading range has been between $15.37 and $19.28. It reported third quarter 2011 earnings of $289.00 million, a decrease from second quarter earnings of $291.18 million. Third quarter net income was $17.55 million a substantial decrease from second quarter net income of $30.30 million. It has quarterly revenue growth of 1.90%, no return on equity and pays a dividend with a yield of 9.20%.
One of Vector’s closest competitors is Lorillard Incorporated (LO), which has a market cap of $14.78 billion and is trading at around $109.50. It has a price to earnings ratio of 14.75, quarterly revenue growth of 3.70%, no return on equity and pays a dividend with a yield of 4.70%. Based on this data it is marginally outperforming Vector, although Vector pays a dividend with a far more attractive yield.
Carl Icahn holds 14,799,855 shares of Vector, buying the entire holding in the second quarter 2011. The average purchase price per share was $17.34. Based upon the last trading price of $17.55, he has made a return of 1.21%.
Vector’s cash position has improved, with the balance sheet showing $329.89 million in cash for the third quarter, an increase from $321.47 million in the second quarter. The net tangible assets have declined with -$174.18 million in the third quarter 2011 from -$157.58 million in the second quarter. Vector’s quarterly revenue growth of 1.90%, versus an industry average of 6.00%, and no return on equity versus an industry average of 57.10%, indicates that it is underperforming many of its competitors.
SILVER SPRING, Md., Nov. 17, 2011 /PRNewswire-USNewswire/ -- Despite all the publicity about the dangers of smoking, many Americans haven't given up their cigarettes. And thousands of kids start smoking every day.
The American Cancer Society's Great American Smokeout on Nov. 17, 2011 is an attempt to change those two realities. The society is asking smokers to use that day to make a plan to quit. Or even to quit smoking just on that day.
"The main message for tobacco users is this: It's never too late to quit," says Corinne Husten, M.D., MPH, a senior medical advisor at FDA's Center for Tobacco Products.
FDA Consumer Updates may be posted and published elsewhere without permission. Please credit "FDA Consumer Health Information (www.fda.gov/consumer)" as the source. FDA values feedback on its consumer health information. Send questions, comments, or story ideas to: consumerinfo@fda.hhs.gov.
Media Contact: Stephanie Yao, 301-796-0394, Stephanie.Yao@fda.hhs.gov
WASHINGTON, Nov 7 (Reuters) - A U.S. judge sided with tobacco companies on Monday, granting a temporary injunction blocking rules requiring new warning labels that use graphic images like a man exhaling cigarette smoke through a hole in his throat.
U.S. District Judge Richard Leon granted a temporary injunction after determining that the tobacco companies would likely prevail in their lawsuit challenging the Food and Drug Administration's requirement as unconstitutional because it compels speech in violation of the First Amendment. (Reporting by Alina Selyukh and Jeremy Pelofsky in Washington, editing by Dave Zimmerman)
--Marlboro market share drops as price increase was higher than competitors
--Citi says Marlboro's market share loss was biggest decline in at least four years
--Altria (MO:$27.20,00$-0.075,0-0.27%) says it's focused on maximizing earnings growth in cigarette category
(Updates throughout to add details from the company's conference call and analyst commentary, recent stock quote)
By John Kell
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Altria Group Inc.'s (MO:$27.20,00$-0.075,0-0.27%) third-quarter profit climbed 3.7% on expanding margins and higher smokeless product revenue, though total cigarette volume declined.
The maker of Marlboro and other cigarettes has benefited from growing interest in its smokeless-tobacco products, such as Copenhagen, as well as higher prices and cost cuts. As the company faces an industrywide slowdown in cigarette volume, Altria (MO:$27.20,00$-0.075,0-0.27%) announced a new $400 million cost reduction program.
Marlboro's market share declined in the third quarter as Altria (MO:$27.20,00$-0.075,0-0.27%) enacted a price increase in July that was more than major competitive premium and discount brands.
"It's not in fact the best economic environment to really try to grow share, because of the difficult circumstances that some consumers are in," said Chairman and Chief Executive Michael E. Szymanczyk.
He added Altria (MO:$27.20,00$-0.075,0-0.27%) was focused on maximizing earnings growth in the cigarette category, while attempting to maintain market share.
The company's shares were down 1.1% to $26.98, as revenue fell more than analysts' expected. Shares of tobacco companies have outperformed the broader market this year, as dividend yields draw investors to the sector. Altria's (MO:$27.20,00$-0.075,0-0.27%) shares are up 10% year to date, the lowest gain among its peers.
U.S. rivals Reynolds American Inc. (RAI:$38.790001,$0.430000,1.12%) and Lorillard Inc. (LO:$113.1704,$1.2104,1.08%) each reported modest profit declines for the third quarter, results that missed analysts' expectations.
Altria (MO:$27.20,00$-0.075,0-0.27%) , the U.S.'s largest cigarette maker, reported a profit of $1.17 billion, or 57 cents a share, up from $1.13 billion, or 54 cents a share, a year earlier. Excluding tax items, earnings were 56 cents in the latest quarter.
Net revenue, excluding excise tax, dropped 3% to $4.33 billion.
Analysts surveyed by Thomson Reuters expected a profit of 56 cents on revenue of $4.44 billion.
Gross margin climbed to 40% from 38.7%.
Net revenue from cigarettes decreased 7% and smokeless products revenue jumped 9.5%.
The company said volume of its Marlboro cigarettes fell 10%, while retail market share slid 0.9 percentage point to 41.7%. Other premium-cigarette volume decreased 12%, though discount-cigarette volume grew 9.5%.
Investment firm Citi said Marlboro's market share loss was the largest for the brand in at least four years, and warned challenges could persist. On a positive note, Citi said core sales per stick grew 2.7%, while profit per stick was up 7.3%.
Smokeless products volume fell 0.2%, though Copenhagen and Skoal each notched increases. Market share expanded 2 percentage points for Copenhagen, to 26.5%. It fell 0.6 percentage point to 22.8% for Skoal.
Copenhagen's share gains have been attributed to recent product introductions, while Altria (MO:$27.20,00$-0.075,0-0.27%) earlier this year introduced a line of flavored products called Skoal Xtra to appeal to a wider audience.
Szymanczyk said the Skoal brand has stabilized over the past four quarters, saying the products that Altria (MO:$27.20,00$-0.075,0-0.27%) put in place during a restructuring will produce steady growth.
Altria (MO:$27.20,00$-0.075,0-0.27%) , whose products also include Black & Mild cigars and Chateau Ste. Michelle wines, paid $384 million to repurchase 14.8 million shares, completing the company's previously announced $1 billion one-year repurchase program.
As a result, Altria's (MO:$27.20,00$-0.075,0-0.27%) board authorized a new $1 billion repurchase program, which the company intends to complete by the end of next year.
-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com
(END) Dow Jones Newswires 10-27-111025ET Copyright (c) 2011 Dow Jones & Company, Inc.
MIAMI--(BUSINESS WIRE)-- Vector Group Ltd. (VGR:$18.6900,$0.0100,0.05%) today announced that it has declared a regular quarterly cash dividend on its common stock of $0.40 per share. Additionally, the Company declared its regular annual stock dividend of 5%. Both the quarterly cash and the annual stock dividends are payable on September 29, 2011 to holders of record as of September 20, 2011.
Vector Group (VGR:$18.6900,$0.0100,0.05%) is a holding company that indirectly owns Liggett Group LLC and Vector Tobacco Inc. and directly owns New Valley LLC. Additional information concerning the company is available on the company’s website, www.VectorGroupLtd.com.
Source: Vector Group Ltd. (VGR:$18.6900,$0.0100,0.05%)
5 Stocks to Buy Regardless of Economic Status: Part 3 August 19, 2011 | includes: ABV, BUD, PM, RAI, VGR
Click here for part 2 of this series.
In part 3 of my series on stocks to buy regardless of economic status I believe that I have found the best industries in which to invest. I must say, that my other picks were good but these picks are much better in a sense of seeing profit during an economy with more questions than answers.
"The notion that the government can require those who manufacture a lawful product to emblazon half of its package with pictures and words admittedly drafted to persuade the public not to purchase that product cannot withstand constitutional scrutiny," Lorillard attorney Floyd Abrams said.
R.J. Reynolds counsel Martin L. Holton III said "the graphic warnings include non-factual cartoon images and controversial photographs that have been technologically manipulated to maximize an emotional response from viewers."
The post caught my interest because I plan to add more after Sept when ever the dips arrive. Will be watching with a GTC sitting myself, when I determine my mudball bid!
Guessing at anything in the tobacco sector is a bit of a crapshoot....but, moreso w/ VGR.
> they are a small player ---- the yield is what drives ownership.
As such, there is not a lot of volatility in the stock....as you know by little to no options plays.
It's a stock you buy, (if you can) reinvest dividends and just let it RIDE!
One thing we do know, the tobacco litigation (SAG) and fees paid continue to be less and less and less. Ultimately, profits go up up up ---- and, the sector will rise.
The post has some merit ---- but, VGR is just one stock I do not spend a lot of time second guessing.
Don't have to work too hard, historically VGR typically hits 20s to 22s going into September and then hits its lows of 16s to 17s October through December.
If there are external economic/political factors then could be lower.
A buy in the 16s will provide a combined ($1.60 cash and 5% stock dividend) ~15% return excluding any future cap gains.
So there's 3 months after September dividend to hit a GTC in the 16s if you wish to collect the next dividend or 4 months if you want to gamble that it might hit the very low in January.
I certainly have proven to myself that I cannot predict the very bottom in any stocks price so I would be placing a GTC in the 16s if I wanted to add.
Disclaimer: my crystal ball isn't broken ... I never had one but ...
If I was trying to place a more exact time frame including PROBABLE external factors then I would say the NOV/DEC coincidence of normal VGR low price and the next budget fruhaahaa and year end tax loss selling.
Luck LTBH
PS Personally I am debating whether to execute my planned September runup sale ... not sure VGR will hit the higher end of its range (21-22) with all the current market volatility ... may just hold and wait for the Sept 2012 run.
Pursuant to the Florida Supreme Court's July 2006 ruling in Engle v. Liggett Group Inc., which decertified the Engle class on a prospective basis, former class members had one year from January 11, 2007 to file individual lawsuits. In addition, some individuals who filed suit prior to January 11, 2007, and who claim they meet the conditions in Engle, are attempting to avail themselves of the Engle ruling. Lawsuits by individuals requesting the benefit of the Engle ruling, whether filed before or after the January 11, 2007 mandate, are hereinafter referred to as the “Engle progeny” cases. As of June 30, 2011, Liggett and/or the Company are named in 5,785 Engle progeny cases in both state and federal courts in Florida. These cases include approximately 8,000 plaintiffs. The total number of state court cases may likely increase as courts may require multi-plaintiff cases to be severed into individual cases. The total number of plaintiffs may increase as a result of attempts by existing plaintiffs to add additional parties. For more information on the Engle case, see “Note 5. Contingencies.”
(i) Engle Progeny Cases with trial dates through June 30, 2012.
Andres v. R.J. Reynolds, et al., Case No. 01-2007-CA-5346, Circuit Court of the 8th Judicial Circuit, Alachua County (case filed 12/28/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 12/05/11.
Baker v R.J. Reynolds, et al., Case No. 07-20247 (MB), Circuit Court of the 15th Judicial Circuit, Palm Beach County (case filed 11/26/07 ). One individual suing on behalf of the estate and survivors of the deceased smoker. The case is presently set for trial starting 10/14/11.
Barnes v. R.J. Reynolds, et al., Case No. 01-2007-CA-5189, Circuit Court of the 8th Judicial Circuit, Alachua County (case filed 12/17/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 01/03/12.
Blasco v. R.J. Reynolds, et al., Case No. 07-46473, Circuit Court of the 11th Judicial Circuit, Miami-Dade County (case filed 12/28/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 02/06/12.
Buchanan v. R.J. Reynolds, et al., Case No. 2007-CA-3565, Circuit Court of the 2nd Judicial Circuit, Leon County (case filed 12/17/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 10/03/11.
Calloway v. R.J. Reynolds, et al., Case No. 08-21770, Circuit Court of the 17th Judicial Circuit, Broward County (case filed 05/15/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for the trial period 06/27/11 - 09/23/11.
Clark v. R.J. Reynolds, et al., Case No. 07-CA-22588-AE, Circuit Court of the 15th Judicial Circuit, Palm Beach County (case filed 12/07/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 03/12/12.
Cohen, D.K. v. Philip Morris, Inc., et al., Case No. 07-46336, Circuit Court of the 11th Judicial Circuit, Miami-Dade County (case filed 12/28/07). One individual suing. The case is scheduled for trial in 01/12.
Cohen v. R.J. Reynolds, et al., Case No. 09-004042-AI, Circuit Court of the 15th Judicial Circuit, Palm Beach
County (case filed 02/04/09). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 05/07/12.
Collins v. R.J. Reynolds, et al., Case No. 16-2007-CA-11175-EXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 11/29/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 10/31/11.
Cox-Boggs v. R.J. Reynolds, et al., Case No. 16-2008-CA-00400-LXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 01/09/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 06/04/12.
Cunningham v. R.J. Reynolds, et al., Case No. 01-08-CA-3717, Circuit Court of the 8th Judicial Circuit, Alachua County (case filed 07/09/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 05/07/12.
Dawes v. R.J. Reynolds, et al., Case No. 07-36725, Circuit Court of the 17th Judicial Circuit, Broward County (case filed 12/28/07). One individual suing. The case is scheduled for the trial period 09/26/11 - 12/16/11.
Dillingham v. R.J. Reynolds, et al., Case No. 16-2008-CA-000396-GXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 01/09/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 04/30/12.
Duque v. Philip Morris, et al., Case No. 07-46324, Circuit Court of the 11th Judicial Circuit, Miami-Dade County (case filed 12/28/07). One individual suing. The case is scheduled for trial in 02/12.
Eshbaugh v. R.J. Reynolds, et al., Case No. 07-CA-017247, Circuit Court of the 20th Judicial Circuit, Lee County (case filed 12/13/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial in 01/12.
Fairbanks v. R.J. Reynolds, et al., Case No. 16-08-CA-402, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 01/08/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 04/02/12.
Frailey v. R.J. Reynolds, et al., Case No. 16-2008-CA-000398-IXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 01/09/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 10/31/11.
George v. R.J. Reynolds, et al., Case No. 16-2008-CA-000401-GXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 01/09/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 10/10/11.
Hallgren v. R.J. Reynolds, et al., Case No. 10-761, Circuit Court of the 10th Judicial Circuit, Highlands County (case filed 06/22/10). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 10/10/11.
Hancock v. R.J. Reynolds, et al., Case No. 07-36725, Circuit Court of the 17th Judicial Circuit, Broward County (case filed 06-03-10). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial in 10/11.
Harvey v. R.J. Reynolds, et al., Case No. 01-2007-CA-5087, Circuit Court of the 8th Judicial Circuit, Alachua County. One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 11/07/11.
Haynes v. R.J. Reynolds, et al., Case No. 16-2007-CA-11783-CXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County(case filed 12/13/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 06/04/12.
Herrington v. R.J. Reynolds, et al., Case No. 16-2008-CA-000382-GXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 01/09/08). One individual suing. The case is scheduled for trial starting 10/10/11.
Hiott v. R.J. Reynolds, et al., Case No. 16-2008-CA-000391-IXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 01/09/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 04/30/12.
Humphries v. R.J. Reynolds, et al., Case No. 16-2008-CA-000386-OXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 01/09/08). One individual suing. The case is scheduled for trial starting 02/27/12.
Johnson v. R.J. Reynolds, et al., Case No. 16-2007-CA-011654-GXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 12/11/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 09/06/11.
Kaplan v. R.J. Reynolds, et al., Case No. 08-26341, Circuit Court of the 17th Judicial Circuit, Broward County (case filed 05/01/08). One individual suing. The case is scheduled for trial starting 09/12/11.
Ledea v. R.J. Reynolds, et al., Case No. 07-41730, Circuit Court of the 11th Judicial Circuit, Miami-Dade County (case filed 11/29/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 09/19/11.
Laster v. R.J. Reynolds, et al., Case No. 16-2007-CA-011552-AXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 12/07/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 01/31/12.
May v. R.J. Reynolds, et al., Case No. 01-08-CA-3114, Circuit Court of the 8th Judicial Circuit Alachua County (case filed 06/09/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 06/20/12.
Mayberg v R.J. Reynolds, et al., Case No. 07-40880 (03) Circuit Court of the 11th Judicial Circuit, Miami-Dade County (case filed 11/21/07). Two individuals suing. The case is scheduled for trial starting 02/01/12.
McKeever v. R.J. Reynolds, et al., Case No. 10-37561, Circuit Court of the 17th Judicial Circuit, Broward County (case filed 08/30/10). Two individuals suing. The case is scheduled for the trial period of 01/03/12 through 03/30/12.
McLaughlin v. R.J. Reynolds, et al., Case No. 2008-CA-0104, Circuit Court of the 1st Judicial Circuit, Escambia County (case filed 01/10/08). Two individuals suing. The case is scheduled for trial starting 09/12/11.
Moon v. R.J. Reynolds, et al., Case No. 01-08-CA-3827, Circuit Court of the 8th Judicial Circuit, Alachua County (case filed 07/17/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 06/20/12.
Olson-Krupa v. R.J. Reynolds, et al., Case No. 07-CA-23101 (AE), Circuit Court of the 15th Judicial Circuit, Palm Beach County (case filed 12/13/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 03/12/12.
Richter v. R.J. Reynolds, et al., Case No. 50 2008-CA-038650, Circuit Court of the 15th Judicial Circuit, Palm Beach County (case filed 12/08/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 09/12/11.
Rizzuto v. R.J. Reynolds, et al., Case No. H27-CA-2008-003318, Circuit Court of the 5th Judicial Circuit, Florida, Hernando County (case filed 05/21/08). The case is scheduled for the three week trial period starting 02/06/12.
Rivenberg v. R.J. Reynolds, et al., Case No. 07-15646, Circuit Court of the 20th Judicial Circuit, Lee County (case filed 11/20/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 02/13/12.
Robirts v. R.J. Reynolds, et al., Case No. 16-2008-CA-000500-XXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 01/10/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 10/10/11.
Salvino v. R.J. Reynolds, et al., Case No. 07-25702, Circuit Court of the 17th Judicial Circuit, Broward County (case filed 10/04/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for the trial period of 01/03/12 through 03/30/12.
Sikes v. R.J. Reynolds, et al., Case No. 16-2007-CA-11654-KXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 12/11/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 04/02/12.
Singerman v. R.J. Reynolds, et al., Case No. 09-37443, Circuit Court of the 11th Judicial Circuit, Miami-Dade County (case filed 05/11/19). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 05/02/12.
Syzmanski v. R.J. Reynolds, et al., Case No. 07-CA-015501, Circuit Court of the 20th Judicial Circuit, Lee County (case filed 11/20/07). One individual suing. The case is scheduled for trial starting 10/04/11.
Swift v. R.J. Reynolds, et al., Case No. 01-08-CA-131, Circuit Court of the 8th Judicial Circuit, Alachua County (case filed 01/10/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 05/07/12.
Tuckfield v. R.J. Reynolds, et al., Case No. 01-08-CA-3117, Circuit Court of the 8th Judicial Circuit, Alachua County (case filed 07/09/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 03/12/12.
Welch v. R.J. Reynolds, et al., Case No. 16-2007-CA-011552-CXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 12/07/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 11/28/11.
Ward v. R.J. Reynolds, et al., Case No. 2008-CA-2135, Circuit Court of the 1st Judicial Circuit, Escambia County (case filed 12/13/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 07/18/11.
Washington v. R.J. Reynolds, et al., Case No. 16-2007-CA-11552-BXXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 12/07/07). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 09/06/11.
West v. R.J. Reynolds, et al., Case No. 16-2007-CA-11525-XXXMA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 12/06/07). One individual suing. The case is scheduled for trial starting 08/08/11.
Zambelli v. R.J. Reynolds, et al., Case No. 01-08-CA-3702, Circuit Court of the 8th Judicial Circuit, Alachua County (case filed 07/09/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 02/06/12.
Zehrung v. R.J. Reynolds, et al., Case No. 01-08-CA-3837, Circuit Court of the 8th Judicial Circuit, Alachua County (case filed 07/18/08). One individual suing on behalf of the estate and survivors of a deceased smoker. The case is scheduled for trial starting 04/02/12.
(ii) Post-Trial Engle Progeny Cases.
Campbell v. R.J. Reynolds., et al., Case No. 2008-CA-2147, Circuit Court of the 1st Judicial Circuit, Escambia County (case filed 07/08/08). This is a wrongful death action which proceeded to jury trial in July 2009. In August 2009, the jury returned a verdict in favor of the plaintiff and awarded compensatory damages in the amount of $7,800,000. The jury apportioned fault as follows: plaintiff - 57%, R.J. Reynolds - 39%, Philip Morris - 2%, and Liggett - 2% ($156,000). No punitive damages were awarded against Liggett. In March 2011, the compensatory award was affirmed on appeal. On March 29, 2011, defendants moved the First District Court of Appeal to certify the case as one of great public importance. On May 13, 2011, the court denied the motion. Defendants appealed to the Florida Supreme Court. Plaintiff moved for an award of attorneys' fees against Liggett pursuant to the fee shifting provisions of Florida's proposal for settlement statute based on a settlement offer that was not accepted by Liggett. The parties reached a confidential settlement agreement regarding the attorneys' fees incurred through trial.
Clay v. R.J. Reynolds, et al., Case No. 2007-CA-003020, Circuit Court of the 1st Judicial Circuit, Escambia County (case filed 12/13/07). One individual suing on behalf of the estate and survivors of a deceased smoker. Trial commenced on March 22, 2010. On April 13, 2010, the jury returned a verdict in favor of the plaintiff and awarded compensatory damages in the amount of $3,490,000. The jury apportioned fault as follows: plaintiff - 30%, Liggett - 10% ($349,000), R.J. Reynolds - 60%. The jury found Liggett liable for $1,000,000 in punitive damages. Defendants appealed the judgment. Plaintiff moved for an award of attorneys' fees against Liggett pursuant to the fee shifting provisions of Florida's proposal for settlement statute based on a settlement offer that was not accepted by Liggett. The parties reached a confidential settlement agreement regarding the attorneys' fees incurred through trial, which agreement is contingent upon the pending appeal of the compensatory damages award.
Douglas v. R.J. Reynolds, et al., Case No. 08-8108, Circuit Court of the 13th Judicial Circuit, Hillsborough County (case filed 11/02/07). One individual suing on behalf of the estate and survivors of a deceased smoker. On March 10, 2010, the jury returned a verdict in favor of the plaintiff and awarded compensatory damages in the amount of $5,000,000. The jury apportioned fault as follows: plaintiff - 50%, Liggett - 27% ($1,350,000), Philip Morris - 18% and R.J. Reynolds - 5%. No punitive damages were awarded. Defendants appealed the judgment. Plaintiff moved for an award of attorneys' fees against Liggett pursuant to the fee shifting provisions of Florida's proposal for settlement statute based on a settlement offer that was not accepted by Liggett. The parties reached a confidential settlement agreement regarding the attorneys' fees incurred through trial, which agreement is contingent upon the pending appeal of the compensatory damages award.
Putney v. R.J. Reynolds, et al., Case No. 07-36668, Circuit Court of the 17th Judicial Circuit, Broward County (case filed 12/28/07). One individual suing on behalf of the estate and survivors of a deceased smoker. Trial commenced in March 2010. On April 26, 2010, the jury returned a verdict in favor of the plaintiff and awarded compensatory damages in the amount of $15,000,000. The jury apportioned fault as follows: plaintiff - 35%, Liggett - 20% ($3,008,138), Philip Morris - 15% and R.J. Reynolds - 30%. No punitive damages were awarded against Liggett. Defendants appealed the judgment. Plaintiff moved for an award of attorneys' fees against Liggett pursuant to the fee shifting provisions of Florida's proposal for settlement statute based on a settlement offer that was not accepted by Liggett. Entitlement to an attorney fee award has been entered, and the amount of such award will be determined in a separate proceeding.
Tullo v. R.J. Reynolds, et al., Case No. 2008-CA-035457, Circuit Court of the 15th Judicial Circuit, Palm Beach County (case filed 11/14/08). One individual suing. Trial commenced in March 2011. On April 13, 2011, the jury returned a verdict in favor of the plaintiff and awarded compensatory damages in the amount of $4,500,000. The jury apportioned damages as follows: plaintiff - 45%, Liggett - 5% ($225,000), Philip Morris - 45% and Lorillard - 5%. No punitive damages were awarded. Defendants filed a motion for a new trial.
B. Other Individual Cases.
Beatty v. R.J. Reynolds, et al., Case No. 50-2009-CA-032435 (AB), Circuit Court of the 15th Judicial Circuit, Palm Beach County (case filed 09/24/09). Two individuals suing.
Bryant v. Philip Morris Inc., et al., Case No. 50-2008-CA-25429 (AJ), Circuit Court of the 15th Judicial Circuit, Palm Beach County (case filed 08/25/08). One individual suing as personal representative of the estate and survivors of a deceased smoker.
Caldwell v. Philip Morris Inc., et al., Case No. 08-000391 (AA), Circuit Court of the 15th Judicial Circuit, Palm Beach County (case filed 01/07/08). One individual suing on behalf of the estate and survivors of a deceased smoker.
Cowart v. Liggett Group Inc., et al., Case No. 98-01483-CA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 03/16/98). One individual suing. Liggett is the only tobacco company defendant in this case. The case is dormant.
Diamond v. R.J. Reynolds, et al., Case No. 08-24533, Circuit Court of the 17th Judicial Circuit, Broward County (case filed 05/30/08). One individual suing.
Ferlanti v. Liggett Group LLC, Case No. 03-21697, Circuit Court of the 17th Judicial Circuit, Broward County (case filed 12/11/03). An individual sued on behalf of the estate and survivors of a deceased smoker. Liggett was the sole defendant in this action. Trial concluded in February 2009 and a judgment for plaintiff was entered in the amount of $815,972. Liggett satisfied the judgment in March 2011. In September 2010, the court awarded plaintiff legal fees of $996,000. The plaintiff is appealing the amount of that attorneys' fee award.
Fine v. Philip Morris, Inc., et al., Case No. 08-000383 (AA), Circuit Court of the 15th Judicial Circuit, Palm Beach County (case filed 01/07/08). One individual suing on behalf of the estate and survivors of a deceased smoker.
Grose v. R.J. Reynolds, et al., Case No. 08-38276, Circuit Court of the 17th Judicial Circuit, Broward County (case filed 08/15/08). One individual suing as personal representative of the estate and survivors of a deceased smoker. In addition to Liggett Group LLC, Vector Tobacco Inc. is a named defendant. Defendants filed a motion to dismiss the complaint. A hearing has not been scheduled.
Hikin, et al. v. Philip Morris Inc., et al., Case No. 08-57479, Circuit Court of the 17th Judicial Circuit, Broward County (case filed 11/21/08). Two individuals suing.
Laschke, et al. v. R.J. Reynolds, et al., Case No. 96-8131-CI-008, Circuit Court of the 6th Judicial Circuit, Pinellas County (case filed 12/20/96). Two individuals suing. The dismissal of the case was reversed on appeal, and the case was remanded to the trial court. An amended complaint was filed by the plaintiffs. In January 2006, defendants filed motions to dismiss the amended complaint. A hearing has not been scheduled.
McKeever v. R.J. Reynolds Tobacco Co., et al., Case No. 09-87681, Circuit Court of the 11th Judicial Circuit, Miami-Dade County (case filed 12/04/09). Two individuals suing.
Meckler v. Liggett Group Inc., Case No. 97-03949-CA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 07/10/97). One individual suing. Liggett is the only tobacco company defendant in this case. The case is dormant.
Rawls v. Liggett Group Inc., Case No. 97-01354-CA, Circuit Court of the 4th Judicial Circuit, Duval County (case filed 03/06/97). One individual suing. Liggett is the only tobacco company defendant in this case. The case is dormant.
Spivak v. Philip Morris Inc., et al., Case No. 08-19309 (AH), Circuit Court of the 15th Judicial Circuit, Palm Beach County (case filed 06/26/08). One individual suing as personal representative of the estate and survivors of a deceased smoker.
Spry v. Liggett Group LLC, et al., Case No. 06-31216 CICI, Circuit Court of the 7th Judicial Circuit, Volusia County (case filed 07/27/06). Two individuals suing.
Whitney v. R.J. Reynolds, et al., Case No. 2011-CA-286J, Circuit Court of the 8th Judicial Circuit, Alachua County (case filed 01/27/11).
Louisiana
Hunter, et al. v. R. J. Reynolds, et al., Case No. 2002/18748m, Circuit Court of the Civil District Court, Parish of Orleans (case filed 12/04/02). Two individuals suing. The case has been dismissed as abandoned although this decision has been challenged by the plaintiffs.
Oser v. The American Tobacco Co., et al., Case No. 97-9293, Circuit Court of the Civil District Court, Parish of Orleans (case filed 05/27/97). One individual suing.
Reese, et al. v. R. J. Reynolds, et al., Case No. 2003-12761, Circuit Court of the 22nd Judicial District Court, St. Tammany Parish (case filed 06/10/03). Five individuals suing.
Maryland Barlow, et al., v. John Crane-Houdaille, Inc., et al., Case No. 24-X-09-000136, Circuit Court, Baltimore City (case filed 04/01/11). Plaintiffs are husband and wife. Plaintiffs seek damages allegedly caused by exposure to asbestos and cigarette smoke, with claims against certain asbestos manufacturer defendants and Liggett. Defendants filed a motion to dismiss and answer to the complaint on 05/25/11. The Motion to Dismiss was granted by the court on 07/13/11. Bizzarri, et al. v. John-Crane Houdaille, Inc. et al., Case No. 24-X-08-000318, Circuit Court, Baltimore City (case filed on 4/21/11). Plaintiffs are the surviving children of decedent Blaze Bizzarri. Plaintiffs seek damages allegedly caused to decedent by exposure to asbestos and cigarettes, with claims against certain asbestos manufacturer defendants and certain tobacco company defendants, including Liggett. Defendants filed a motion to dismiss and answer to the complaint on 05/31/11. The Motion to Dismiss was granted by the court on 07/13/11. Burik, et al. v. John Crane-Houdaille, Inc. et al., Case No. 24-X-08-000429, Circuit Court, Baltimore City (case filed 06/09/10). Plaintiff is suing individually and as personal representative of the estate of a deceased smoker. Plaintiff seeks damages allegedly caused to decedent by exposure to asbestos and cigarettes, with claims against certain asbestos manufacturer defendants and certain tobacco company defendants, including Liggett. The defendants, including Liggett, filed a motion to dismiss in July 2010. Plaintiff filed a Response to the Defendants' Motion to Dismiss on 07/29/10. The Motion to Dismiss was granted by the court on 07/13/11.
Dungan, et al. v. John-Crane Houdaille, Inc. et al., Case No. 24-X-11-000145, Circuit Court, Baltimore City (case filed on 4/25/11). Plaintiffs are the surviving children of decedent Melvin Dungan. Plaintiffs seek damages allegedly caused to decedent by exposure to asbestos and cigarettes, with claims against certain asbestos manufacturer defendants and certain tobacco company defendants, including Liggett. Defendants filed a motion to dismiss and answer to the complaint on 05/31/11. The Motion to Dismiss was granted by the court on 07/13/11. Eisner, et al. v. John-Crane Houdaille, Inc. et al., Case No. 24-X-08-000475, Circuit Court, Baltimore City (case filed on 4/25/11). Plaintiffs are husband and wife. Plaintiffs seek damages allegedly caused to Plaintiff William Eisner by exposure to asbestos and cigarette smoke, with claims against certain asbestos manufacturer defendants and certain tobacco company defendants, including Liggett. Defendants filed a motion to dismiss and answer to the complaint on 05/31/11. The Motion to Dismiss was granted by the court on 07/13/11. Kraska, et al. v. John Crane-Houdaille, Inc. et al., Case No. 24X08000209, Circuit Court, Baltimore City (case filed 08/02/10). Plaintiff is suing individually and as personal representative of the estate of a deceased smoker. Plaintiff seeks damages allegedly caused to decedent by exposure to asbestos and cigarettes, with claims against certain asbestos manufacturer defendants and certain tobacco company defendants, including Liggett. Liggett joined in and adopted the Defendants' Motion to Dismiss on 10/08/10. The Motion to Dismiss was granted by the court on 07/13/11. Love, et al. v. John Crane-Houdaille, Inc. et al., Case No. 24-X-08-000120, Circuit Court, Baltimore City (case filed 06/01/10). Plaintiff and his wife seek damages allegedly caused by exposure to asbestos and cigarettes, with claims against certain asbestos manufacturer defendants and certain tobacco company defendants, including Liggett. The defendants filed a motion to dismiss in July 2010. Plaintiffs filed a Response to the Defendants' Motion to Dismiss on 07/29/10. The Motion to Dismiss was granted by the court on 07/13/11. Schoppert, et al., v. John Crane-Houdaille, Inc., et al., Case No. 24-X-07-000300, Circuit Court, Baltimore City (case filed 02/19/10). Plaintiffs are husband and wife. Plaintiffs seek damages allegedly caused to Plaintiff Leon D. Schoppert by exposure to asbestos and cigarette smoke, with claims against certain asbestos manufacturer defendants and certain tobacco company defendants, including Liggett. Liggett joined in and adopted the Defendants' Motion to Dismiss on 08/18/10. Plaintiffs filed a response to Liggett's Motion to Dismiss on 08/20/10. The Motion to Dismiss was granted by the court on 07/13/11. Tarlton, et al., v. John Crane-Houdaille, Inc., et al., Case No. 24-X-08-000313, Circuit Court, Baltimore City (case filed 04/01/11). Plaintiffs are husband and wife. Plaintiffs seek damages allegedly caused by exposure to asbestos and cigarette smoke, with claims against certain asbestos manufacturer defendants and certain tobacco company defendants, including Liggett. Defendants filed a motion to dismiss and answer to the complaint on 05/25/11. The Motion to Dismiss was granted by the court on 07/13/11. Missouri
Nuzum, et al. v. Brown & Williamson Tobacco Corporation, et al., Case No. 03-cv-237237, Circuit Court, Jackson County (case filed 05/21/03). Two individuals suing.
New York
Brantley v. The American Tobacco Company, et al., Case No. 114317/01, Supreme Court of New York, New York County (case filed 07/23/01). One individual suing. In March 2011, the case was stayed by the court until a status conference in September 2011.
Debobes v. The American Tobacco Company, et al., Case No. 29544/92, Supreme Court of New York, Nassau County (case filed 10/17/97). One individual suing. Hausrath, et al. v. Liggett Group LLC, Case No. I2001-09526, Supreme Court of New York, Erie County (case
filed 01/24/02). Two individuals suing. Liggett is the only defendant in this case. There has been no recent activity.
James v. The American Tobacco Company, et al., Case No. 103034/02, Supreme Court of New York, New York County (case filed 04/04/97). One individual suing.
Shea, et al. v. The American Tobacco Company, et al., Case No. 008938/03, Supreme Court of New York, Nassau County (case filed 10/17/97). Two individuals suing. In December 2008, the trial court granted defendants' motion to dismiss plaintiffs' claims for punitive damages as barred by the prior settlement with the New York Attorney General, but denied the defendants' motion to dismiss the case. The dismissal of the punitive damages claim was affirmed by the intermediate appellate court in May 2010. Plaintiffs' motion to reargue the decision was denied by the appellate court.
Standish v. The American Tobacco Company, et al., Case No. 18418-97, Supreme Court of New York, Bronx County (case filed 07/28/97). One individual suing.
Tomasino, et al. v. The American Tobacco Company, et al., Case No. 027182/97, Supreme Court of New York, Nassau County (case filed 09/23/97). Two individuals suing. In June 2009, the trial court granted defendants' motion to dismiss plaintiffs' claims for punitive damages as barred by the prior settlement with the New York Attorney General, but denied the defendants' motion to dismiss the case. The dismissal of the punitive damages claim was affirmed by the intermediate appellate court in May 2010. Plaintiffs' motion to reargue the decision was denied by the appellate court.
Yedwabnick v. The American Tobacco Company, et al., Case No. 20525/97, Supreme Court of New York, Queens County (case filed 09/19/97). One individual suing.
Ohio
Croft, et al. v. Akron Gasket & Packing, et al., Case No. CV04541681, Court of Common Pleas, Cuyahoga County (case filed 08/25/05). Two individuals suing.
West Virginia
Brewer, et al. v. The American Tobacco Company, et al., Case No. 01-C-82, Circuit Court, Ohio County (case filed 03/20/01). Two individuals suing.
Little v. The American Tobacco Company, et al., Case No. 01-C-235, Circuit Court, Ohio County (case filed 06/04/01). One individual suing.
II. CLASS ACTION CASES
a) Smoking Related
Brown, et al. v. Philip Morris USA Inc., et al., (In Re: Tobacco II Cases), Case No. 711400, Superior Court of California, County of San Diego (case filed 10/01/97). The action was brought against the major U.S. cigarette manufacturers, including Liggett, seeking to recover restitution, disgorgement of profits and other equitable relief under California Business and Professions Code. In April 2001, under the California Unfair Competition Laws and the Consumer Legal Remedies Act, the court granted in part the plaintiffs' motion for certification of a class composed of residents of California who smoked at least one of the defendants' cigarettes from June 10, 1993 through April 23, 2001, and who were exposed to the defendants' marketing and advertising activities in California. Certification was granted as to the plaintiffs' claims that the defendants violated § 17200 of the California Business and Professions Code pertaining to unfair competition. The court, however, refused to certify the class under the California Legal Remedies Act or the plaintiffs' common law claims. Following the November 2004 passage of a proposition in California that changed the law regarding cases of this nature, the defendants moved to decertify the class. In March 2005, the court granted the defendants' motion, and plaintiffs appealed that decertification order. In September 2006, the California Court of Appeal affirmed the class decertification order. In May 2009, the California Supreme Court reversed the class decertification order and remanded the case for further proceedings regarding whether there are class representatives that can demonstrate standing. In June 2009, the defendants filed a Petition for Rehearing in the California Supreme Court, which was denied by the court in August 2009. Additionally, in September 2009, plaintiffs' counsel informed the trial court that plaintiffs intend to seek reconsideration of the trial court's September 2004 order finding that plaintiffs' allegations regarding lights cigarettes are preempted by federal law. Plaintiffs contend that the recent decision in Altria v. Good, by the United States Supreme Court, necessitates reconsideration of the trial court's September 2004 preemption ruling. In March 2010, the trial court granted reconsideration of its September 2004 order granting partial summary judgment to defendants with respect to plaintiffs' “lights” claims on the basis of judicial decisions issued since its order was issued, including the United States Supreme Court's ruling in Altria, thereby reinstating plaintiffs' “lights” claims. Since the trial court's prior ruling decertifying the class was reversed on appeal by the California Supreme Court, the parties and the court are treating all claims currently being asserted by the plaintiffs as certified, subject, however, to defendants' challenge to the class representatives standing to assert their claims. The plaintiffs filed a tenth amended complaint in September 2010. In December 2010, defendants filed a motion for a determination that the class representatives lack standing and are not adequate to represent the class. Argument on this motion occurred on February 23, 2011 and the court, thereafter, issued an order determining that the representative plaintiffs lack standing. Plaintiffs then filed a motion for leave to file an eleventh amended complaint adding new class representatives and defendants filed a motion to dismiss. On June 21, 2011, the court granted plaintiffs' motion for leave to amend and denied defendants' motion to dismiss. On July 1, 2011, plaintiffs filed their eleventh amended complaint.
Cleary, et al. v. Philip Morris, Inc., et al., Case No. 09-cv-01596, USDC Northern District of Illinois (case was
originally filed 06/03/98 in Circuit Court of Cook County, Illinois). The action was brought on behalf of persons who have allegedly been injured by (1) the defendants' purported conspiracy pursuant to which defendants allegedly concealed material facts regarding the addictive nature of nicotine; (2) the defendants' alleged acts of targeting their advertising and marketing to minors; and (3) the defendants' claimed breach of the public's right to defendants' compliance with laws prohibiting the distribution of cigarettes to minors. The plaintiffs seek disgorgement of all profits unjustly received through defendants' sale of cigarettes to plaintiffs. In March 2009, plaintiffs filed a Third Amended Complaint replacing one named class representative with a new plaintiff and adding new allegations regarding defendants' sale of “light” cigarettes. In March 2009, defendants filed a notice of removal to the United States District Court for the Northern District of Illinois. In November 2009, plaintiffs filed a revised motion for class certification. On February 1, 2010, the court granted summary judgment in favor of defendants as to all claims, other than a “lights” claim involving another cigarette manufacturer. On February 22, 2010, the court denied plaintiffs' motion for class certification as to each purported class of plaintiffs, but, allowed plaintiffs an opportunity to reinstate the motion as to the addiction claim, if the plaintiffs identified a new class representative, which they did, on April 13, 2010. Plaintiffs filed a Fourth Amended Complaint in an attempt to resurrect their addiction claims. In June 2010, the court granted defendants' motion to dismiss the Fourth Amended Complaint. Plaintiffs' motion for reconsideration was denied by the court. In August 2010, plaintiffs filed a notice of appeal in the United States Court of Appeals for the Seventh Circuit. Oral argument occurred on 04/07/11. A decision is pending.
In Re: Tobacco Litigation (Personal Injury Cases), Case No. 00-C-5000, Circuit Court, West Virginia, Ohio County (case filed 01/18/00). Although not technically a class action, the court consolidated approximately 750 individual smoker actions that were pending prior to 2001 for trial on some common related issues. Liggett was severed from trial of the consolidated action. Trial for the other defendants commenced in June 2010 and ended in a mistrial. A new trial is scheduled for 10/17/11.
Parsons, et al. v. A C & S Inc., et al., Case No. 98-C-388, Circuit Court, West Virginia, Onio County (case filed 02/09/98). This personal injury class action is brought on behalf of plaintiff's decedent and all West Virginia residents who allegedly have personal injury claims arising from their exposure to cigarette smoke and asbestos fibers. The complaint seeks to recover unspecified compensatory and punitive damages for all potential members of the class. The case is stayed as a result of the December 2000 bankruptcy petitions filed by three defendants (Nitral Liquidators, Inc., Desseaux Corporation of North America and Armstrong World Industries) in the United States Bankruptcy Court for the District of Delaware.
Young, et al. v. American Brands Inc., et al., Case No. 97-19984cv, Civil District Court, Louisiana, Orleans Parish (case filed 11/12/97). This purported personal injury class action is brought on behalf of plaintiff and all similarly situated residents in Louisiana who, though not themselves cigarette smokers, have been exposed to secondhand smoke from cigarettes which were manufactured by the defendants, and who suffered injury as a result of that exposure. The class has not been certified. The plaintiffs seek to recover an unspecified amount of compensatory and punitive damages. In October 2004, the trial court stayed this case pending the outcome of an appeal in Scott v. American Tobacco Co. The Scott case is now final. Liggett is not a party in the Scott case.
b) Price Fixing
Smith, et al. v. Philip Morris, Inc., et al., Case No. 00-cv-26, District Court, Kansas, Seward County (case filed 02/07/00). In this class action, plaintiffs allege that defendants conspired to fix, raise, stabilize, or maintain prices for cigarettes in Kansas. The court granted class certification in November 2001 and discovery is proceeding. In November 2010, defendants filed a motion for summary judgment. In addition to joining that summary judgment motion, Liggett filed its own summary judgment motion on June 1, 2011. Briefing is to be completed by August 5, 2011.
Crow Creek Sioux Tribe v. The American Tobacco Company, et al., Case No. cv-97-09-082, Tribal Court of the Crow Creek Sioux Tribe, South Dakota (case filed 09/26/97). The plaintiffs seek to recover actual and punitive damages, restitution, funding of a clinical cessation program, funding of a corrective public education program and disgorgement of unjust profits from alleged sales to minors. The case is dormant.
General Health Services (Kupat Holim Clalit) v. Philip Morris, Inc., et al., Case No. 1571/98, District Court, Jerusalem, Israel (case filed 09/28/98). General Health Services seeks to recover the past and future value of the total expenditures for health-care services provided to residents of Israel resulting from tobacco related disease along with interest, increased and/or exemplary damages and costs. On July 13, 2011, the Israeli Supreme Court rejected the plaintiff's claims.
MIAMI--(BUSINESS WIRE)-- Vector Group Ltd. (VGR:$17.5300,$0.1400,0.81%) today announced financial results for the three and six months ended June 30, 2011.
Second quarter 2011 revenues were $291.2 million, compared to revenues of $268.5 million in the second quarter of 2010. The increase in revenues in 2011 was primarily due to increased unit sales of approximately 5.7% in the 2011 period compared to the 2010 period. The Company recorded operating income of $38.0 million in the 2011 second quarter, compared to operating income of $21.1 million in the second quarter of 2010. Net income for the 2011 second quarter was $30.3 million, or $0.36 per diluted common share, compared to $19.2 million, or $0.19 per diluted common share, in the 2010 second quarter. The results for the three months ended June 30, 2011 included pre-tax gains from the liquidation of long-term investments of $19.5 million, changes in the fair value of derivatives embedded within convertible debt of $9.4 million, and the sale of a townhome of $577,000 offset by a loss on extinguishment of debt of $1.2 million. Adjusting for the pre-tax gains and loss on extinguishment of debt, second quarter 2011 operating income was $38.0 million and second quarter 2011 net income was $13.2 million or $0.17 per diluted share. The results for the year-ago period, the three months ended June 30, 2010, included a pre-tax charge of $14.4 million related to the resolution of a litigation judgment and $13.8 million of pre-tax gains from changes in fair value of derivatives embedded within convertible debt. Adjusting for the pre-tax charge related to the resolution of a litigation judgment and the non-cash gains from the Company's convertible debt previously noted, second quarter 2010 operating income was $35.4 million and second quarter 2010 net income was $19.6 million or $0.26 per diluted share.
For the six months ended June 30, 2011, revenues were $551.6 million, compared to $490.5 million for the first six months of 2010. The increase in revenues in 2011 was primarily due to increased unit sales of approximately 9.8% in the 2011 six-month period compared to the 2010 period. The Company recorded operating income of $69.4 million for the 2011 six-month period, compared to operating income of $52.1 million for the 2010 period. Net income for the 2010 six-month period was $49.7 million, or $0.64 per diluted common share, compared to $31.2 million, or $0.39 per diluted common share, for the 2010 period. The results for the six months ended June 30, 2011 included pre-tax gains from the liquidation of long-term investments of $23.6 million, changes in the fair value of derivatives embedded within convertible debt of $8.9 million and the sales of townhomes of $3.7 million offset by a loss on extinguishment of debt of $1.2 million. Adjusting for the pre-tax gains and loss on extinguishment of debt, operating income for the six months ended June 30, 2011 was $69.4 million and net income for the six months ended June 30, 2011 was $28.5 million or $0.37 per diluted share. Adjusting for the pre-tax charge related to the resolution of a litigation judgment previously discussed and $11.1 million of non-cash gains from the Company's convertible debt, operating income for the six months ended June 30, 2010 was $66.5 million and net income for the six months ended June 30, 2010 was $33.2 million or $0.44 per diluted share.
For the three and six months ended June 30, 2011, the Company's tobacco business had revenues of $291.2 million and $551.6 million, respectively, compared to $$268.5 million and $490.5 million for the three and six months ended June 30, 2010, respectively. Operating income was $42.2 million for the second quarter of 2011 and $78.6 million for the first six months of 2011, compared to $26.0 million and $61.0 million for the three and six months ended June 30, 2010, respectively. Adjusting for a litigation judgment charge, operating income for the three and six months ended June 30, 2010 was $40.4 million and $75.3 million, respectively.
Conference Call to Discuss Second Quarter 2011 Results
As previously announced, the Company will host a conference call and webcast on Friday, August 5, 2011 at 11:00 A.M. (ET) to discuss second quarter 2011 results. Investors can access the call by dialing 800-859-8150 and entering 90121568 as the conference ID number. The call will also be available via live webcast at www.investorcalendar.com. Webcast participants should allot extra time before the webcast begins to register.
A replay of the call will be available shortly after the call ends on August 5, 2011 through August 19, 2011. To access the replay, dial 877-656-8905 and enter 90121568 as the conference ID number. The archived webcast will also be available at www.investorcalendar.com for 30 days.
Vector Group (VGR:$17.5300,$0.1400,0.81%) is a holding company that indirectly owns Liggett Group LLC and Vector Tobacco Inc. and directly owns New Valley LLC. Additional information concerning the company is available on the company's website, www.VectorGroupLtd.com.
MIAMI--(BUSINESS WIRE)-- Vector Group Ltd. (VGR:$17.3900,$-0.0400,-0.23%) will conduct a conference call and webcast to discuss its second quarter 2011 results on Friday, August 5, 2011 at 11:00 a.m. (ET).
Investors can access the call by dialing 800-859-8150 and entering 90121568 as the conference ID number. The call will also be available via live webcast at www.investorcalendar.com. Webcast participants should allot extra time before the webcast begins to register.
A replay of the call will be available shortly after the call ends on August 5, 2011 through August 19, 2011. To access the replay, dial 877-656-8905 and enter 90121568 as the conference ID number. The archived webcast will also be available at www.investorcalendar.com for 30 days.
Vector Group (VGR:$17.3900,$-0.0400,-0.23%) is a holding company that indirectly owns Liggett Group LLC, Vector Tobacco Inc., and New Valley LLC. Additional information concerning the company is available on the company’s website, www.VectorGroupLtd.com.
Source: Vector Group Ltd. (VGR:$17.3900,$-0.0400,-0.23%)
8:35 (Dow Jones) Stifel Nicolaus gets new enthusiasm for tobacco companies Lorillard (LO:$105.6200,$0.8400,0.80%) and Altria (MO:$26.2300,$0.1200,0.46%) , raising both to buy from hold. Firm says both company have opportunity for strong pricing in back half of the year and very attractive balance sheets. LO looks so good, analysts say company could be snatched up for $130/shr-plus some time down the road. Firm likes MO's balance between growing profitability and gaining market share. (melissa.korn@ dowjones.com)
Call us at (212) 416-2181 or email john.shipman@dowjones.com
(END) Dow Jones Newswires 07-29-110835ET Copyright (c) 2011 Dow Jones & Company, Inc.
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