Juul Labs signage is seen in the window of a store in San Francisco, June 25, 2019.
Juul Labs said Wednesday it's planning to cut about 30% of its workforce as it looks to cut costs and boost profits.
The layoffs will affect about 250 people, reducing the company's headcount to about 650, a company spokesperson said.
This will reduce operating expenses by $225 million, the Juul spokesperson added.
In response to the suit, a Juul spokesperson told CNBC, "We stand behind our intellectual property and will continue to pursue our infringement claims."
Persons:
Juul
Organizations:
Juul Labs, Juul, Food and Drug Administration, Marlboro, Altria, NJOY, CNBC
Locations:
San Francisco, Juul