LOS ANGELES, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 27, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of 3M Company (“3M” or the “Company”) (NYSE: MMM) investors who purchased securities between February 9, 2017 and May 28, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
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.
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If you purchased or otherwise acquired 3M securities during the Class Period you may move the Court no later than September 27, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com