On June 1, 3M declined 3.07% in regular trading, trading at $148.585/share, with trading volume of approximately $90.34 million. The stock continues to face selling pressure following the Australian federal government's landmark legal action.
On May 28, the Australian federal government formally filed suit against 3M and its Australian subsidiary in federal court, alleging the company's PFAS-containing firefighting foam caused severe contamination at 28 military bases and surrounding areas. The claim of A$2 billion (approximately US$1.4 billion) represents the largest legal claim ever initiated by the Australian government. The allegations include concealing internal test data, making false representations that the foam was biodegradable and non-toxic, and knowingly continuing to supply PFAS products despite awareness of long-term environmental and health risks.
3M responded that it never manufactured PFAS in Australia and ceased selling related products approximately two decades ago, noting that Australia's defense department continued using PFAS foam for nearly twenty years afterward. The company stated it would vigorously defend against the claims. Notably, in 2023, 3M agreed to pay $10.3 billion in the U.S. to settle thousands of PFAS-related drinking water contamination lawsuits, underscoring the ongoing financial overhang from legacy environmental liabilities.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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