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SAN FRANCISCO, July 30, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts long-time shareholders of 3M Company (NYSE: MMM) to (1) the securities class action, Heavy & General Laborers Locals 472 & 172 Welfare Fund v. 3M Company et al., No. 2:19cv15982 filed in the U.S. District Court for the District of New Jersey, and (2) the firm’s investigation into whether 3M’s board of directors breached its oversight duties with respect to 3M’s most lucrative product.
If you invested in 3M securities between February 9, 2017 and May 28, 2019 (the “Class Period”) and suffered significant losses (in excess of $100,000) you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. The Lead Plaintiff deadline is September 27, 2019.
If you are a long-time shareholder in 3M and are concerned about 3M’s corporate governance or have information that may assist the firm’s investigation contact Hagens Berman:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
According to the Complaint, Defendants misled investors by misrepresenting and concealing the Company’s legal liability posed by one of 3M’s most lucrative products – polyfluoroalkyl substances (“PFAS”), a man-made chemical now known to be toxic.
Evidence of PFAS’s toxicity, 3M’s knowledge, and efforts to conceal the dangers from regulators and local residents began to surface in February 2018, when Minnesota’s Attorney General released documents showing 3M’s decades-long history of suppressing negative information about PFAS. Since this time, the Company has had to shell out over $800 million in fines to the Minnesota AG, defend itself against numerous other State AG suits, and incur significant litigation-related charges.
“We’re focused on whether 3M misled investors about PFAS’s risks to the public and the Company, and if 3M’s board of directors failed to fulfill their fiduciary obligations to the Company,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding 3M should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email MMM@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000