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Altria shares fall after FDA's Gottlieb describes 'difficult' meeting on Juul

Kate Rooney

Shares of Altria MO dropped 2 percent in a sudden move after Food and Drug Administration Commissioner Scott Gottlieb said a meeting last week with the company and its e-cigarette unit Juul was "difficult."

Gottlieb said he did not come away with any evidence that public health concerns drove Altria's decision to invest in Juul, and instead says it looks like a business decision. 

Altria made a $12.8 billion investment in the e-cigarette maker late last year. In September, Gottlieb ordered the five largest e-cigarette manufacturers, including Juul and Altria, to submit plans outlining how they planned to curb youth use of e-cigarettes, also known as "vaping." 

The FDA commissioner has accused Juul and Marlboro-maker Altria executives of reneging on promises they made to help combat teen vaping. Juul declined to comment on the FDA meeting but did say it happened last Wednesday. 

—This is a developing story. Check back for updates.

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