Glenview Capital Management CEO Larry Robbins said Monday that he's shorting shares of industrial conglomerate 3M.
Robbins underscored 3M's mounting litigation headaches, which claim that it and other chemical companies knew about pollution as a result of their operations. The manager added that, since 2015, 3M's lawsuits have soared 87 fold and now pose a significant liability to the company's earnings.
'You don't have to be Erin Brockovich to realize it's not a good pattern, " Robbins said. "This company, 12 days after filing their 2017 10-K in 2018 … paid out" an $850 million settlement to Minnesota, which claimed the manufacturer contaminated water in the state for at least 50 years.earlier this year to pay to clean up similar contamination.
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