Faruqi & Faruqi, LLP is investigating claims on behalf of Chemours investors

NEW YORK, May 10, 2024 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating and reminds investors of potential claims against The Chemours Company (“Chemours” or the “Company”) (NYSE: CC). May 20, 2024 Deadline to seek lead plaintiff role in a federal securities class action lawsuit filed against the company.

James (Josh) Wilson, Faruqi and Faruqi, LLP Securities Litigation Partner, encourages investors who have suffered losses that are greater $100,000 I look forward to contacting him directly to discuss your options

If you have suffered losses that go beyond this $100,000 Investing in Chemours stocks or options in between February 10, 2023 And February 28, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi Partners Josh Wilson direct at 877-247-4292 or 212-983-9330 (ext. 1310). For more information you can also click here: www.faruqilaw.com/CC.

Faruqi & Faruqi is a leading national securities law firm with offices in new York, Pennsylvania, California And Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995 www.faruqilaw.com.

As described below, the complaint claims that the Company and its officers violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) certain Chemours officers manipulated free cash flow targets to obtain additional cash and Maximize stock incentive compensation for senior executives in accordance with Chemours’ annual incentive plans and long-term incentive plans; and (ii) Chemours’ accounting practices and procedures, including internal control over financial reporting, were deficient.

The Chemours class action lawsuit continues claims that on February 13, 2024Chemours announced that it has postponed the release of its financial results and fourth-quarter and full-year conference calls December 31, 2023.” The complaint claims That the delay was necessary, according to Chemours, “because the company needs additional time to complete its financial statement reporting process” and “is evaluating its internal control over financial reporting … with a view to maintaining effective controls over information and communications,” according to the complaint According to reports, Chemours’ stock price fell more than 12% on the news.

Then further February 29, 2024the Chemours class action lawsuit continues claims that Chemours has announced that it will postpone the filing of its 2023 annual report and that its board has assumed “the position of President and Chief Executive Officer.” Mark NewmanSenior Vice President and Chief Financial Officer Jonathan Lock and Vice President, Controller and Chief Accountant Camela Wisel on administrative leave. . . pending the completion of an internal review monitored by the Board’s Audit Committee with the assistance of independent outside counsel.” According to Chemours, the scope of the investigation includes “the procedures for reviewing reports to the Chemours Ethics Hotline.” and Chemours’ “working capital management practices, including the related impact on measures within the incentive plans (and) certain non-GAAP measures” in Chemours’ financial reports, the complaint continues claims. According to the complaint, Chemours’ stock price fell more than 31% on this news.

Also the class action lawsuit against Chemours claims that on March 6, 2024 Among other things, Chemours announced that its Board of Directors’ Audit Committee concluded “that the members of senior management placed on administrative leave last week engaged in efforts in the fourth quarter of 2023 to delay payments originally due to certain suppliers.” . ” in the fourth quarter of 2023 to the first quarter of 2024 and to accelerate the collection into the fourth quarter of 2023 of receivables that were originally due only in the first quarter of 2024.” The Audit Committee also announced that it “found that “These individuals participated in part in these efforts to achieve the free cash flow targets that (Chemours) had publicly communicated and which would also be part of a key metric in determining executive incentive compensation.”

The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, who is appropriate and typical of the class, and who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may request the Court to serve as lead plaintiff through counsel of their choice, or may elect to do nothing and remain an absent class member. Your ability to share in any recovery will not be affected by the decision to serve as lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information about Chemours’ conduct to contact the company, including whistleblowers, former employees, shareholders and others.

To find out more about the Chemours Company Class action lawsuit, go for it www.faruqilaw.com/CC or Call Faruqi & Faruqi Partners Josh Wilson direct at 877-247-4292 or 212-983-9330 (ext. 1310).

Lawyer advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar result with respect to future matters. We welcome the opportunity to discuss your individual case. All communications will be treated confidentially.

SOURCE Faruqi & Faruqi, LLP