3M CFO Monish Patolawala doesn't believe the company has done anything wrong in the Combat Arms earplugs case, but the stock keeps falling toward a 10-year low.
That’s what 3M Co.’s CFO Monish Patolawala said at the J.P. Morgan Industrials Conference in New York, according to a transcript provided by AlphaSense.
JPMorgan... “‘[O]n Combat Arms, we don’t believe we have done anything wrong, or Aearo hasn’t done anything wrong.’” Wall Street seems a bit skeptical, however, as shares of the consumer, industrial and healthcare products company MMM , which makes Post-it Notes, Scotch brand adhesives and N95 masks, fell 0.7% in afternoon trading, putting it on track to close at a 10-year closing low.
The company has been facing litigation related to Combat Arms earplugs for the past year. Plaintiffs allege that use of the earplugs, which 3M sold to the military, have resulted in hearing loss and tinnitus. 3M recently released data that disputed the claims.
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