NEW YORK, NY / ACCESSWIRE / October 21, 2019 / Pomerantz LLP is investigating claims on behalf of investors of The Chemours Company ("Chemours" or the "Company") (NYSE:CC). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Chemours and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 6, 2019, Larry Robbins of Glenview Capital Management gave a presentation at the Sohn Investment Conference that disclosed significant new facts about Chemours' environmental liabilities, including a detailed analysis estimating the Company's true per- and polyfluoroalkyl substances ("PFAS") exposure was actually between $4 billion and $6 billion. On this news, Chemours' stock price fell $2.57 per share, or 7.52%, to close at $13.61 per share on May 6, 2019.
Then, on June 28, 2019, the Delaware Court of Chancery ordered the unsealing of court filings in which Chemours acknowledged that it faced over $2.5 billion in environmental liabilities and conceded that the Company's accountants did not even attempt to appropriately assess Chemours' actual PFAS litigation exposure "precisely because the liabilities were so volatile and potentially huge that [Chemours] could not profitably sell the Performance Chemicals unit" if it had accurately accounted for them. On this news, Chemours' stock price fell $2.37 per share, or 9.52%, over two trading days to close at $22.53 per share on July 1, 2019.
Finally, on August 1, 2019, Chemours issued a press release reporting its second quarter financial results and lowered its full-year guidance. In its Form 10-Q filed the next day, Chemours disclosed significant increases in the Company's estimated liabilities, including numerous new legal and regulatory actions related to PFAS. On this news, Chemours' stock price fell $3.47 per share, or 19.11%, to close at $14.69 per share on August 2, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP