NEW YORK, NY / ACCESSWIRE / August 2, 2019 / Pomerantz LLP is investigating claims on behalf of investors of 3M Company (“3M” or the “Company”) (MMM). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether 3M and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In 2010, the State of Minnesota sued 3M, demanding $5 billion to clean up the damage 3M caused in the state as a consequence of toxic per- and polyfluoroalklyl substances (“PFAS”) produced by the Company. On the eve of trial in February 2018, the case settled for $850 million, without any admission of wrongdoing by 3M.
On April 25, 2019, 3M announced its first quarter 2019 financial results, acknowledging that the first quarter of 2019 “‘was a disappointing start to the year for 3M’” and disclosing that on top of the “$1.16 per share impact” already recorded in the first quarter of 2018 related to the settlement with the State of Minnesota, 3M had “recorded significant litigation-related pre-tax charges of $548 million, or $0.72 per share” in the first quarter 2019 for additional PFAS liability. 3M also announced that it was cutting 2,000 jobs, approximately 2% of its 93,500 employees, and trimming fiscal year 2019 capital expenditures, including on manufacturing, in addition to accelerating other cost control reductions it said were already underway.
On this news, 3M’s stock price fell $28.36 per share, or nearly 13%, to close at $190.72.
On May 29, 2019, the State of New Hampshire filed two lawsuits against 3M and others for PFAS contamination, with the goal of recouping damages for PFAS contamination found in all ten New Hampshire counties.
On this news, 3M’s stock price fell $1.95 per share, or 1.19%, to close at $161.40 per share on May 29, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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