Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of The Chemours Company Investors
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Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired The Chemours Company (“Chemours” or the “Company”) (NYSE: CC) common stock between February 16, 2017 and August 1, 2019, inclusive (the “Class Period”). Chemours investors have until December 9, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
In July 2015, Chemours became public via a spinoff of the Performance Chemicals division of E.I. du Pont de Nemours and Company (“DuPont”).
On May 6, 2019, Glenview Capital Management’s Larry Robbins stated that Chemours faced “4 to $6 billion” in environmental liabilities, which is “60 to 100% of its market [capitalization].”
On this news, the Company’s share price fell $2.57 per share, or over 7%, to close at $31.61 per share on May 6, 2019, thereby injuring investors.
Then, on June 28, 2019, a complaint filed by Chemours against DuPont was unsealed, which alleged that DuPont sought to “shift as much liability onto Chemours as possible – and, at the same time, to extract for DuPont a multi-billion-dollar dividend payment from the new company.” This complaint also revealed that Chemours faced over $2.5 billion in environmental liabilities.
On this news, the Company’s share price fell $2.37, or nearly 10%, to close at $22.53 per share on July 1, 2019, thereby injuring investors further.
Then, on August 1, 2019, the Company announced its second quarter 2019 financial results and disclosed significant increases to its estimated environmental liabilities, including many new legal and regulatory actions related to perfluoroalkyl and polyfluoroalkyl substances (“PFAS”).
On this news, the Company’s share price fell $3.47, or over 19%, to close at $14.69 per share on August 2, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Chemours had estimated that costs of remediation and abatement for PFAS contamination were in excess of $200 million without including the significant potential costs to resolve outstanding or future litigation; (2) that Chemours was aware of the harmful effects of PFAS and the tort liability that could arise from the decades of emissions; (3) that the solutions Chemours began implementing in 2018 were the “very same abatement technology that DuPont previously declined to install in 2013”; (4) that Chemours severely understated the Company’s environmental liabilities; (5) that it was nearly certain that the liabilities would be greater than accrued amounts; and (6) that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Chemours common stock during the Class Period you may move the Court no later than December 9, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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