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."
About DiCello Levitt:
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SOURCE DiCello Levitt LLP