Legal Action Update for 3M Shareholders Affected by Neogen Deal
Understanding the securities class action for 3M shareholders
Girard Sharp LLP, a nationally recognized law firm, is reaching out to shareholders of 3M Company (NYSE: MMM) who may have been impacted by their transition to Neogen Corporation (NASDAQ: NEOG). This action arises from Neogen's acquisition of 3M's Food Safety Business, which occurred in September 2022. Shareholders who received shares of Neogen are encouraged to connect with the firm to discuss their options.
Neogen Corporation overview
Neogen, based in Michigan, is a key player in the realm of food and animal safety. The company develops and markets a comprehensive range of products aimed at ensuring the safety of food and livestock globally. Neogen's offerings include diagnostic test products and complementary items, such as culture media, crucial for identifying harmful substances in food and animal feeds, including pathogens and allergens.
Financial challenges following the merger
Following the merger, the offerings indicated a positive outlook, projecting improved EBITDA margins and enhanced cash flow, plans that unfortunately did not materialize as hoped. A significant announcement in January revealed a staggering net loss of $456.3 million, attributed to a non-cash impairment relating to the acquisition. Internal financial control weaknesses were also reported, raising further concerns about Neogen's operational integrity since acquiring 3M's division.
Impact on share price and shareholder losses
Since the merger's share issuance, Neogen's value has plummeted by 75%. This dramatic decline poses significant financial repercussions for former and current 3M shareholders transformed into Neogen stockholders, fueling Girard Sharp's investigation into potential misrepresentations made during the merger process.
Importance of shareholder support
If you are a shareholder with financial losses tied to the Neogen acquisition, Girard Sharp believes you have a right to seek justice. They invite shareholders to share their experiences to assess avenues for potential recovery.
Why choose Girard Sharp LLP?
Girard Sharp is dedicated to representing investors, consumers, and institutions throughout the country in complex litigation. Their commitment to this cause is reflected in a recent class action settlement of $36.5 million against a prominent firm. Recognized for excellence in securities and class action litigation, Girard Sharp has garnered accolades from esteemed legal publications, reinforcing their capability to support clients facing securities fraud.
Get in touch with Girard Sharp
For those affected by the situation or seeking guidance regarding the recent events surrounding 3M and Neogen, Girard Sharp is available for consultations. Their team can provide valuable insights into the next steps and how to navigate through this challenging period.
Frequently Asked Questions
What should I do if I received Neogen shares as a 3M shareholder?
If you received shares, consider consulting with Girard Sharp to evaluate your situation and explore your options for potential claims.
What caused Neogen's share price decline?
The price drop can be attributed to a combination of poor financial results and weaknesses in internal controls following the acquisition of 3M's division.
How can I contact Girard Sharp for assistance?
You can reach out to Girard Sharp by calling (866) 981-4800 or emailing polk@girardsharp.com for more information.
What experience does Girard Sharp have in similar cases?
Girard Sharp has a strong track record in class action litigation, having secured significant settlements and demonstrating expertise in handling securities fraud cases.
Can I file a claim if I lost money after the merger?
If you sustained losses connected to the Neogen acquisition, consulting legal counsel like Girard Sharp could clarify your status and guide you on potential claims.
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