3M Company (NYSE: MMM) Investor Securities Class Action Lawsuit 07/29/2019

If you purchased a significant amount of shares of 3M Company (NYSE: MMM) between February 9, 2017 and May 28, 2019, and / or if you purchased any NYSE: MMM shares prior to February 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: September 27, 2019. NYSE: MMM investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
3M
Case Name: 
3M Shareholder Class Action Lawsuit 07/29/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: MMM
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/29/2019
Class Period Begin: 
02/09/2017
Class Period End: 
05/28/2019
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
09/27/2019
Summary: 

An investor in shares of 3M Company (NYSE: MMM) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by 3M Company in connection with certain allegedly false and misleading statements made between February 9, 2017 and May 28, 2019.

St. Paul, MN based 3M Company develops, manufactures, and markets various products worldwide. On April 25, 2019, 3M Company reported its financial and operating results for the first quarter of 2019, which fell significantly short of market expectations. 3M 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. 3M Company also announced plans to cut 2,000 jobs worldwide as part of a restructuring due to a slower-than-expected 2019, 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.

Shares of 3M Company (NYSE: MMM) declined from $219.75 per share on April 24, 2019 to as low as $172.79 per share on May 13, 2019.

Then on May 29, 2019, New Hampshire filed two lawsuits against 3M and others for PFAS contamination. New Hampshire’s Attorney General 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. Shares of 3M Company (NYSE: MMM) declined to as low as $159.32 per share on June 3, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of 3M Company (NYSE: MMM) common shares between February 9, 2017 and May 28, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 9, 2017 and May 28, 2019, the defendants failed to disclose the extent of the Company’s exposure to legal liability associated with 3M’s most lucrative product offerings: man-made chemicals known as per- and polyfluoroalkyl substances (“PFAS”). The plaintiff alleges that while publicly denying that PFAS cause harm to humans and the environment, defendants concealed and misrepresented, that 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), that 3M’s decades-long history of suppressing negative information and/or damaging data about PFAS, and that 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.