SAN DIEGO, March 27, 2024 /PRNewswire/ -- DiCello Levitt LLP announces that purchasers or acquirers of The Chemours Company ("Chemours" or the "Company") (NYSE: CC) common stock between February 10, 2023 and February 28, 2024, inclusive (the "Class Period"), have until May 20, 2024 to seek appointment as lead plaintiff of the Chemours class action lawsuit. The Chemours lawsuit charges the Company, certain senior executive officers, and the Company's underwriters with violations of the federal securities laws.
If you purchased shares of Chemours common stock between February 10, 2023 and February 28, 2024, including pursuant to the Company's May 2023 secondary public offering ("SPO"), and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, you may submit your losses here: https://dicellolevitt.com/securities/the-chemours-company/
You can also contact DiCello Levitt partner Brian O'Mara by calling (888) 287-9005 or at investors@dicellolevitt.com.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Case Allegations: The Chemours lawsuit alleges that Defendants misrepresented and/or failed to disclose 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 Annual Incentive Plans and Long Term Incentive Plans; (2) the Company's accounting practices and procedures, including its internal controls over financial reporting, were deficient; and (3) as a result, Defendants' statements about the Company's business, operations, and prospects lacked a reasonable basis.
The Chemours lawsuit alleges that on February 13, 2024, Chemours announced that it was postponing the release of its financial results for the fourth quarter and full year ended December 31, 2023, and that it now "expect[ed] to issue its fourth quarter and full year 2023 financial results after market close on Wednesday, February 28, 2024." On this news the price of Chemours common stock fell $3.85 per share, or more than 12%, from a close of $30.49 per share on February 13, 2024, to close at $26.64 per share on February 14, 2024.
On February 29, 2024, Chemours announced, among other things, that it was delaying the filing of its annual report for 2023 and that the Board of Directors had placed the Company's "President and Chief Executive Officer Mark Newman, Senior Vice President and Chief Financial Officer Jonathan Lock and Vice President, Controller and Principal Accounting Officer Camela Wisel on administrative leave . . . pending the completion of an internal review being overseen by the Audit Committee of the Board of Directors with the assistance of independent outside counsel." On this news the price of Chemours common stock plummeted $9.05 per share, or more than 31%, from a close of $28.72 per share on February 28, 2024, to close at $19.67 per share on February 29, 2024.
As alleged in the Chemours lawsuit, on March 6, 2024, the Company announced that the Audit Committee concluded "that the members of senior management who were placed on administrative leave last week engaged in efforts in the fourth quarter of 2023 to delay payments to certain vendors that were originally due to be paid in the fourth quarter of 2023 until the first quarter of 2024, and to accelerate the collection of receivables into the fourth quarter of 2023 that were originally not due to be received until the first quarter of 2024." The Audit Committee also revealed that it "found that these individuals engaged in these efforts in part to meet free cash flow targets that [Chemours] had communicated publicly, and which also would be part of a key metric for determining incentive compensation applicable to executive officers."
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