SAN DIEGO--(BUSINESS WIRE)--Haeggquist & Eck, LLP, a leading shareholder rights litigation firm, is investigating whether certain directors and officers of 3M Company (“3M” or the “Company”) (NYSE: MMM) breached their fiduciary duties to 3M and its shareholders. If you are a 3M shareholder, you are encouraged to contact Amber Eck at Haeggquist & Eck for additional information.
Haeggquist & Eck is investigating whether certain of 3M’s directors made false and/or misleading statements regarding: (i) the fact that the Company’s most lucrative product offerings, chemicals known as per- and polyfluoroalkyl substances (“PFAS”) are toxic; (ii) 3M’s decades-long history of suppressing and/or concealing negative internal evidence and/or damaging data about PFAS; and (iii) 3M’s exposure to legal liability from the government and individuals around the country as a result of its knowledge and intentional concealment of the toxic harm caused by the use of PFAS.
On May 14, 2019, the State of New Jersey filed a lawsuit against 3M alleging environmental and consumer fraud claims in connection with making and selling firefighting foam products that contained toxic chemicals. Noting that nearly one in five New Jersey residents had received tap water that contained at least trace amounts of one of these chemicals, some of which have been linked to cancer, the lawsuit alleged that the companies knew that their firefighting foam posed a significant health threat. On May 29, 2019, the State of New Hampshire filed an additional two lawsuits against 3M and others for PFAS contamination, stating that PFAS contamination had been found in all ten New Hampshire counties. A Barclays analyst report issued shortly thereafter noted that PFAS liability for 3M represented real risks to the Company.
What You Can Do
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.