BENSALEM, Pa.–(BUSINESS WIRE)–$MMM #classaction–Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 3M Company (“3M” or the “Company”) (NYSE: MMM) common stock between February 9, 2017 and May 28, 2019, inclusive (the “Class Period”). 3M investors have until September 27, 2019 to file a lead plaintiff motion.
Investors suffering losses on their 3M investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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.
On this news, the Company’s share price fell $28.36 per share, more than 12%, to close at $190.72 per share on April 25, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that 3M’s vast internal evidence dating back decades confirmed that PFAS are toxic (which was first publicly revealed in February 2018 by Minnesota’s Attorney General); (2) that, for decades, 3M suppressed negative information and/or damaging data about PFAS; and (3) that 3M was exposed to legal action from 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.
If you purchased 3M securities, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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