NEW YORK, NY / ACCESSWIRE / August 16, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in 3M Company (“3M” or the “Company”) (MMM) of the September 27, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in 3M stock or options between February 9, 2017 and May 28, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/MMM. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased 3M securities between February 9, 2017 and May 28, 2019 (the “Class Period”). The case, Heavy & General Laborers' Locals 472 & 172 Welfare Fund V. 3M Company, No. 2:19-cv-15982 was filed on July 29, 2019, and has been assigned to Judge Claire C. Cecchi.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by issuing false and misleading statements to conceal the truth about the Company’s exposure to legal liability associated with its most lucrative product offerings: manmade chemicals known as per- and polyfluoroalkyl substances (“PFAS”).
Specifically, while publicly denying that PFAS cause harm to humans and the environment, defendants concealed and misrepresented: (1) 3M’s vast internal evidence dating back decades confirming that PFAS are toxic (which was first publicly revealed in February 2018 by Minnesota’s Attorney General); (2) 3M’s decades-long history of suppressing negative information and/or damaging data about PFAS; and (3) 3M’s legal exposure to state, county, and local governments and individuals around the country as a result of its knowledge and intentional concealment of the toxic harm caused by the use of PFAS. These omissions and misrepresentations caused 3M’s stock price to trade at artificially inflated prices throughout the Class Period.
On this news, 3M’s stock price fell from $219.08 per share on April 24, 2019 to $190.72 per share on April 25, 2019-a $28.36 or a 12.95% drop.
On May 14, 2019, New Jersey filed suit against 3M and other PFAS manufacturers alleging environmental and consumer fraud claims in connection with making and selling firefighting foam products for decades in New Jersey that contained toxic chemicals. Noting that nearly one in five New Jersey residents had received tap water that contained at least trace amounts of one of these chemicals, some of which have been linked to cancer, the lawsuit alleged that the companies knew that their firefighting foam posed a significant health threat.
On May 29, 2019, New Hampshire filed two lawsuits against 3M and others for PFAS contamination. New Hampshire Attorney General Gordon MacDonald said the goal was to recoup damages for the PFAS contamination that had been found in all ten New Hampshire counties, noting that, in towns like Merrimack and Portsmouth, the contamination had put hundreds of families on bottled water. “‘It is my hope that those responsible for the manufacture and distribution of PFAS will recognize the severity of the issues they’ve caused and will become part of the solution,’” MacDonald was quoted saying.
On this news, the price of 3M common stock declined from its close of $163.35 per share on May 28, 2019 to trade as low as $160.50 per share in intraday trading and close at $161.40 per share on May 29, 2019.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding 3M’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP
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