Embattled e-cigarette maker Juul Labs is reportedly considering bankruptcy Friday as it petitioned a federal appeals court to temporarily halt the FDA’s ban.
, citing sources familiar with the matter. Such a filing would mark a stunning fall for a company that once drew a $38 billion valuation before a series of regulatory crackdowns.
“FDA’s decision is arbitrary and capricious and lacks substantial evidence,” Juul said in the filing, according to the Journal.Juul was mulling bankruptcy just one day after the feds rejected their bid to continue selling certain e-cigarettes and pods. The FDA’s decision followed a years-long push among lawmakers and other public figures for a crackdown on the harmful effects of a youth vaping trend.
The FDA argued Juul had an opportunity to provide evidence supporting its application to continue selling products but fell short of requirements. “However, the company did not provide that evidence and instead left us with significant questions. Without the data needed to determine relevant health risks, the FDA is issuing these marketing denial orders,” Mital added.Immediately after the ban, Juul’s chief regulatory officer Joe Murillo said the company disagreed with the decision and planned to appeal.
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