NEW YORK, Oct. 9, 2019 /PRNewswire/ -- Bernstein Litowitz
Berger & Grossmann LLP ("BLB&G") today announced that it
filed a securities class action lawsuit on behalf of its client the
Electrical Workers Pension Fund, Local 103, I.B.E.W. ("Local 103")
against The Chemours Company ("Chemours" or the "Company") (NYSE:
CC) and certain of the Company's senior executives (collectively,
"Defendants"). The action, which is captioned Electrical Workers
Pension Fund, Local 103, I.B.E.W. v. The Chemours
Company, asserts claims under Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 on behalf of all purchasers of
Chemours common stock between February 16,
2017 and August 1, 2019,
inclusive (the "Class Period").
Chemours is a spin-off of the Performance Chemicals division of
industrial conglomerate E.I. du Pont de Nemours and Company
("DuPont") which began trading as its own public company in 2015.
The spin-off was completed pursuant to a Separation Agreement that
required Chemours to indemnify DuPont for historic environmental
liabilities. The action arises from Defendants' misrepresentations
and omissions relating to Chemours' statements and accruals for
environmental liabilities arising from its decades-long production,
use, and discharge of chemicals manufactured by the Performance
Chemicals division, including perfluoroalkyl and polyfluoroalkyl
substances ("PFAS")—toxic chemicals that have become the basis for
environmental regulatory actions, prosecutions, personal injury
lawsuits, and extensive remediation efforts.
The Complaint alleges that, throughout the Class Period,
Defendants misled investors by representing that Chemours had
appropriately accounted and accrued reserves for its environmental
liabilities, that the possibility of costs exceeding accrued
amounts was "remote," and that, in any event, additional costs
would not be material. Chemours also assured investors that its
"policies, standards and procedures are properly designed to
prevent unreasonable risk of harm to people and the environment,"
and that its "handling, manufacture, use and disposal of hazardous
substances are in accordance with applicable environmental laws and
regulations." As a result of these misrepresentations, Chemours
shares traded at artificially inflated prices throughout the Class
Period.
A series of disclosures beginning on May
6, 2019 and culminating on August 1,
2019 revealed the truth about the Company's environmental
practices, and that Chemours' liabilities were far greater than the
Company had represented. These disclosures included the
June 28, 2019 unsealing of a
complaint Chemours had filed under seal against DuPont on
May 13, 2019, in which Chemours made
detailed allegations that its spin-off from DuPont was part a
deliberate plan by DuPont to rid itself of significant exposures
incurred through decades of PFAS discharge and to unload that
responsibility onto Chemours. These disclosures triggered sharp
declines in the price of Chemours stock, which lost half its value
during this time frame, with Chemours shares falling from
$34.18 per share on May 3, 2019 to close at $14.69 per share on August
2, 2019.
A copy of the complaint filed in this action is available on
BLB&G's website at www.blbglaw.com.
If you wish to serve as Lead Plaintiff for the Class, you must
file a motion with the Court no later than December 9, 2019, which is the first business day
on which the U.S. District Court for the District of Delaware is open that is 60 days after the
publication date of October 8, 2019.
Any member of the proposed Class may move the Court to serve as
Lead Plaintiff through counsel of their choice. Members may also
choose to do nothing and remain part of the proposed Class.
Local 103 is represented by BLB&G, a firm of over 150
attorneys with offices in New
York, California,
Louisiana, Illinois, and Delaware. If you wish to discuss this action
or have any questions concerning this notice or your rights or
interests, please contact Michael D.
Blatchley of BLB&G at 212-554-1281, or via e-mail at
michaelb@blbglaw.com.
Since its founding in 1983, BLB&G has built an international
reputation for excellence and integrity. Specializing in securities
fraud, corporate governance, shareholders' rights, employment
discrimination, and civil rights litigation, among other practice
areas, BLB&G prosecutes class and private actions on behalf of
institutional and individual clients worldwide. Unique among its
peers, BLB&G has obtained several of the largest and most
significant securities recoveries in history, recovering billions
of dollars on behalf of defrauded investors. More information about
BLB&G can be found online at www.blbglaw.com.
CONTACT:
Michael D. Blatchley
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of the Americas, 44th Floor
New York, New York 10020
(212) 554-1281
View original
content:http://www.prnewswire.com/news-releases/bernstein-litowitz-berger--grossmann-llp-announces-securities-class-action-suit-filed-against-the-chemours-company-and-certain-of-its-senior-executives-300934490.html
SOURCE Bernstein Litowitz Berger & Grossmann LLP