NEW YORK, NY / ACCESSWIRE / May 3, 2024 / Labaton Keller Sucharow LLP, an award-winning shareholder rights firm, announces that a class action lawsuit has been filed against The Chemours Company (NYSE:CC) ("Chemours" or the "Company") for violations of the federal securities laws. The action, Taylor v. The Chemours Company, et al., Case No. 24-cv-00361, was filed in the United States District Court for the District of Delaware.
Chemours is a global chemical manufacturer headquartered in Wilmington, Delaware. According to the filed complaint, between February 10, 2023, and February 28, 2024, inclusive (the "Class Period"), Chemours misled investors by failing to disclose that: (1) certain of its top executives were manipulating cash flow metrics; and (2) the Company's internal control over financial reports was deficient.
The truth about this fraud was first revealed to the market on February 13, 2024, when Chemours announced that it would postpone the release of its fourth quarter and full year 2023 financial results so that its Audit Committee could evaluate the effectiveness of its internal control over financial reporting. On this news, Chemours' stock fell 12.6% to close at $26.64 per share on February 14, 2024.
Then, on February 29, 2024, Chemours reported that it had placed its CEO, Mark Newman, and other top executives on administrative leave pending the completion of the Audit Committee investigation. On this news, Chemours stock fell 31.5% to close at $19.67 on February 29, 2024. Chemours later announced that its Audit Committee concluded that the executives who were placed on leave had engaged in efforts "to meet free cash flow targets that the Company had communicated publicly, and which also would be part of a key metric for determining incentive compensation applicable to executive officers."
Chemours investors may, no later than May 20, 2024, move the Court to serve as lead plaintiff for the class. Investors who incurred a significant loss on their Chemours stock purchases during the Class Period can contact firm's Shareholder Rights Team via ShareholderRights@labaton.com or by calling (888) 543-3218 to acquire more information.
About the Firm:
With more than 60 years of experience, Labaton Keller Sucharow LLP stands as a tenacious advocate for investors, having secured billions of dollars in landmark recoveries. Renowned as a global leader, the Firm specializes in representing clients in securities and corporate governance and shareholder rights litigation. Recognized for excellence by both the courts and peers, the Firm is consistently ranked in leading industry publications. Labaton Keller Sucharow's offices are strategically located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Keller Sucharow is available at labaton.com.
CONTACT:
Labaton Keller Sucharow LLP
ShareholderRights@labaton.com
(888) 543-3218
SOURCE: Labaton Keller Sucharow LLP
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