Philadelphia, Pennsylvania--(Newsfile Corp. - April 2, 2024) - Kaskela Law LLC, a law firm dedicated exclusively to representing aggrieved investors in contingent litigation matters, announces that it is investigating The Chemours Company (NYSE: CC) ("Chemours") on behalf of the company's long-term shareholders.
Recently a securities fraud complaint was filed against Chemours on behalf of certain investors who purchased shares of the company's stock between February 10, 2023, and February 28, 2024. According to the complaint, during that time period Chemours and certain of the company's senior executives made a series of materially false and/or misleading statements about the company's financial reports and the adequacy of its internal controls over financial reporting.
As detailed in the complaint, on February 13, 2024, Chemours announced that was postponing the release of its financial results and conference call related to the fourth quarter and full year ended December 31, 2023 "because it needs additional time to complete its year-end reporting process" and "is evaluating its internal control over financial reporting . . . with respect to maintaining effective controls related to information and communications." In response to this initial disclosure, 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.
Then, on February 29, 2024, Chemours stunned investors when it announced that it was delaying the filing of its annual report for 2023 and that its Board of Directors (the "Board") had "place[d] 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 fell an additional $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.
The investigation seeks to determine - on behalf of the company's current shareholders - whether the members of Chemours' board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Chemours shareholders who purchased or acquired CC shares prior to February 10, 2023are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 715 - 1740 or (484) 229 - 0750, or by email (skaskela@kaskelalaw.com / abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/the-chemours-company/ , for additional information about this investigation and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 - 1740
(484) 229 - 0750
www.kaskelalaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203910
