NEW YORK, April 30, 2019 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of 3M Company ("3M" or the "Company") (NYSE: MMM). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether 3M and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 25, 2019, 3M reported its financial and operating results for the first quarter of 2019, which fell significantly short of market expectations. 3M 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. The 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.
On this news, 3M's stock price fell $28.36 per share, or 12.95%, to close at $190.72 per share on April 25, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP