RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased 3M Company (“3M” or the “Company”) (NYSE: MMM) common stock between February 9, 2017 and May 28, 2019, inclusive (the “Class Period”).
3M shareholders may, no later than September 27, 2019, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of 3M and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
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 are a member of the class, you may, no later than September 27, 2019, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.