Lorillard Statement Regarding City of St. Louis Legal Verdict
GREENSBORO, N.C., April 29, 2011 /PRNewswire/ — Lorillard, Inc. (NYSE: LO), the third largest manufacturer of cigarettes in the United States, today released the following statement regarding a St. Louis, Missouri court that decided in favor of the defendants in the case of City of St. Louis vs. American Tobacco.
“The jury’s verdict confirms this was a misguided legal theory that hospitals somehow lost money from treating individuals who smoked. Compelling evidence was presented to the jury, including testimony from hospital witnesses, that confirmed the hospitals were not financially damaged as they asserted,” said Ronald S. Milstein, Lorillard Senior Vice President and General Counsel.
In a unique legal theory, some Missouri hospitals sued tobacco companies claiming in part they lost money from treating smokers because some of those patients were indigent or had a portion of their bills written off. The hospitals alleged the companies were responsible for the lost revenue because they manufactured and sold the cigarettes containing nicotine. The plaintiffs were seeking $455 million in addition to punitive damages.
About Lorillard, Inc.
Lorillard, Inc. (NYSE: LO) is the third largest manufacturer of cigarettes in the United States. Founded in 1760, Lorillard is the oldest continuously operating tobacco company in the U.S. Newport, Lorillard’s flagship menthol-flavored premium cigarette brand, is the top selling menthol and second largest selling cigarette in the U.S. In addition to Newport, the Lorillard product line has four additional brand families marketed under the Kent, True, Maverick, and Old Gold brand names. These five brands include 43 different product offerings which vary in price, taste, flavor, length and packaging. Lorillard maintains its headquarters and manufactures all of its products in Greensboro, North Carolina.
Certain statements made in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “may,” “will be,” “will continue,” “will likely result” and similar expressions. In addition, any statement that may be provided by management concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible actions by Lorillard, Inc. are also forward-looking statements as defined by the Reform Act.
Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those anticipated or projected. Information describing factors that could cause actual results to differ materially from those in forward-looking statements is available in Lorillard, Inc.’s filings with the Securities and Exchange Commission (the “SEC”), including but not limited to, our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. These filings are available from the SEC over the Internet or in hard copy, and are available on our website at www.lorillard.com. Forward-looking statements speak only as of the time they are made, and we expressly disclaim any obligation or undertaking to update these statements to reflect any change in expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.
SOURCE Lorillard, Inc.