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 email@example.com 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.