Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased The Chemours Company (“Chemours” or the “Company”) (NYSE: CC) common stock between February 10, 2023 and February 28, 2024, inclusive (the “Class Period”). Chemours investors have until May 20, 2024 to file a lead plaintiff motion.
Investors suffering losses on their Chemours investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On February 13, 2024, after the market closed, Chemours disclosed that it was postponing the release of its financial results and conference call related to its fourth quarter and full year 2023. The Company further clarified, stating that it was delaying its results because Chemours is “evaluating its internal control over financial reporting as of December 31, 2023 with respect to maintaining effective controls related to information and communications,” and because the Company’s Audit Committee “needs additional time to complete a related internal review.”
On this news, Chemours’ stock price fell $3.85, or 12.6%, to close at $26.64 per share on February 14, 2024, thereby injuring investors.
Then, on February 29, 2024, Chemours announced that its CEO, CFO, and Controller had been placed on “administrative leave” pending the completion of an internal review, including reviewing reports made to the Chemours Ethics Hotline. Additionally, the Company delayed its earnings report and disclosed that it is “evaluating one or more potential material weaknesses in its internal control over financial reporting[.]”
On this news, Chemours’ stock price fell $9.05, or 31.5%, to close at $19.67 on February 29, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) certain of the Company’s senior executive officers manipulated Free Cash Flow targets as a means to maximize additional cash and stock incentive compensation applicable to executive officers pursuant to the Company’s AIPs and LTIPs; (2) the Company’s accounting practices and procedures, including its internal control over financial reporting, were deficient; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Chemours securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
