Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, May 09, 2024 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises The Chemours Company (“Chemours” or the “Company”) (NYSE: CC) investors that a lawsuit was filed on behalf of investors that purchased Chemours securities between February 10, 2023 and February 28, 2024, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The complaint asserts that the defendants did not inform investors about: (1) manipulation of Free Cash Flow targets by some of the company’s top executives to boost their cash and stock bonus under the company’s yearly and long-term reward schemes; and (2) deficiencies in the company’s accounting methods and controls over financial reporting.
On February 29, 2024, before market opening, Chemours shocked investors with the news that it would postpone its 2023 annual report filing and that the company’s Board of Directors had suspended President and CEO Mark Newman, Senior VP and CFO Jonathan Lock, and VP, Controller, and Principal Accounting Officer Camela Wisel, pending an internal review led by the Audit Committee with help from external legal counsel. The investigation’s range includes examining the Chemours Ethics Hotline reporting processes and the company’s working capital management practices, which affect both the incentive plans and certain non-GAAP metrics. Recognizing the significance of these issues for both executive compensation and investor evaluations of financial performance, Chemours has stated it is identifying possible significant weaknesses in its financial reporting controls as of December 31, 2023, particularly concerning the maintenance of effective controls and senior management’s influence.
Following these revelations, Chemours’ share price plummeted by $9.05, or over 31%, ending the day at $28.72 per share on February 29, 2024.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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