NEW YORK, March 25, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of The Chemours Company (NYSE: NYSE:CC)?
- Did you purchase your shares between February 10, 2023 and February 28, 2024, inclusive?
- Did you lose money in your investment in The Chemours Company?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of The Chemours Company (Chemours or the Company) (NYSE: CC) between February 10, 2023 and February 28, 2024, inclusive (the Class Period). The lawsuit was filed in the United States District Court for the District of Delaware and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the Complaint).
If you purchased or acquired Chemours common stock, and/or would like to discuss your legal rights and options please visit The Chemours Company Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, 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 Annual Incentive Plans and Long-Term Incentive Plans; and (2) the Company's accounting practices and procedures, including its internal control over financial reporting, were deficient.
Before the market opened on February 29, 2024, Chemours stunned investors when it announced that it was delaying the filing of its annual report for 2023 and the decision of the Board of Directors of Chemours to place 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 the Company, the scope of the investigation includes the processes for reviewing reports made to the Chemours Ethics Hotline and Chemours's practices for managing working capital, including the related impact on metrics within the Company's incentive plans [and] certain non-GAAP metrics. Given the importance of these issues - not only to executive compensation, but also investors' assessment of Chemours's financial performance - the Company acknowledged that it is evaluating one or more potential material weaknesses in its internal control over financial reporting as of December 31, 2023 with respect to maintaining effective controls related to the control environment, including the effectiveness of the ˜tone at the top' set by certain members of senior management.
On this news, Chemours' stock price declined by $9.05 per share, or over 31%, to close at $28.72 per share on February 29, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than May 13, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Chemours common stock, and/or would like to discuss your legal rights and options please visit The Chemours Company Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's Plaintiffs' Hot List thirteen times and listed in The Legal 500 for sixteen consecutive years.
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Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com