LOS ANGELES–(BUSINESS WIRE)–$MMM #classaction—The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of 3M Company (“3M” or the “Company”) (NYSE: MMM) concerning whether the board breached its fiduciary duties to shareholders.
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On April 25, 2019, 3M disclosed its first quarter 2019 financial and operating results, which fell considerably short of market expectations, and lowered its full-year earnings guidance to a range of $9.25 to $9.75 per share, compared to its prior outlook of $10.45 to $10.90 per share. The Company announced a $548 million charge in the quarter to resolve current and future litigation, reflecting a reserve of $235 million for “certain environmental matters and litigation” and an additional $313 million to address current and expected coal mine dust lawsuits in Kentucky and West Virginia. Moreover, the Company announced plans to cut 2,000 jobs worldwide due to a slower-than-expected 2019.
Our investigation concerns whether the Company’s board of directors breached its fiduciary duties to shareholders and/or grossly mismanaged the Company in connection with the foregoing accounting issues.
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If you own 3M shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regards to this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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