The Chemours Company Class Action Lawsuit - CC
Case Summary
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The Chemours class action lawsuit seeks to represent purchasers or acquirers of The Chemours Company (NYSE: CC) common stock. Captioned Taylor v. The Chemours Company, No. 1:24-cv-00361 (D. Del.), the Chemours class action lawsuit charges Chemours and certain of Chemours’ top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Chemours class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Chemours class action lawsuit must be filed with the court no later than May 20, 2024.
CASE ALLEGATIONS: Chemours is an industrial and specialty chemical company.
The Chemours class action lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) certain of Chemours’ 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 Chemours’ Annual Incentive Plans and Long-Term Incentive Plans; and (ii) Chemours accounting practices and procedures, including its internal control over financial reporting, were deficient.
The Chemours class action lawsuit further alleges that on February 13, 2024, Chemours “announced that it has postponed the release of its financial results and conference call related to the fourth quarter and full year ended December 31, 2023.” The complaint alleges that according to Chemours, the delay was necessary “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.” On this news, the price of Chemours stock fell more than 12%, according to the complaint.
Then, on February 29, 2024, the Chemours class action lawsuit further alleges that Chemours announced it was delaying the filing of its annual report for 2023 and that its Board of Directors 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.” According to Chemours, the scope of the investigation “includes the processes for reviewing reports made to the Chemours Ethics Hotline” and Chemours’ “practices for managing working capital, including the related impact on metrics within [Chemours’] incentive plans [and] certain non-GAAP metrics” in Chemours’ financial reports, the complaint further alleges. On this news, the price of Chemours stock fell more than 31%, according to the complaint.
The Chemours class action lawsuit also alleges that on March 6, 2024 Chemours announced, among other things, that the Board’s 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.”
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Chemours common stock during the Class Period to seek appointment as lead plaintiff in the Chemours class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Chemours class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Chemours class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Chemours class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.