OAKLAND, Calif.–(BUSINESS WIRE)–$CC #CC–Gibbs Law Group announces that a class action lawsuit has been filed against the Chemours Company (“Chemours”) (NYSE: CC), on behalf of investors who purchased or acquired shares between February 10, 2023, and February 28, 2024. The lawsuit alleges that Chemours “had deficient accounting practices and procedures, including internal control over financial reporting,” among other allegations.
What Should Chemours Investors Do?
If you invested in Chemours and would like to participate or learn more about how you may benefit from this lawsuit, visit our website by clicking here, or call us toll-free at (888) 410-2925. Our investigation concerns whether Chemours has violated federal securities laws by providing false or misleading statements to investors.
What is the Chemours Company Securities Lawsuit Investigation About?
After the market closed on February 13, 2024, Chemours announced that it was delaying the release of its Q4 and full year 2023 financial results in part because it needed to evaluate its internal control over financial reporting as of December 31, 2023.
Then, on February 29, 2024, Chemours announced that it was placing its CFO, CEO, and Controller and Principal Accounting Officer on administrative leave pending the completion of an internal review into accounting practices and controls. The company also stated that it would be delaying its Q4 and full year 2023 earnings release and conference call, as well as the release of its annual earnings report (Form 10-K). Following this news, the stock plummeted over 31% on February 29th, causing significant harm to investors.
On March 27, 2024, Chemours released Q4 and full year 2023 results and disclosed that its Audit Committee completed its internal review, determining that «there was a lack of transparency with the Company’s Board of Directors by three former members of senior management» and “that payments of up to approximately $100 million were delayed until the first quarter of 2024.” Chemours also stated in its Form 10-K that “[i]n connection with the Audit Committee’s internal review, management completed an evaluation of the Company’s internal control over financial reporting as of December 31, 2023 and identified four material weaknesses.” Chemours stock dropped over 9% on March 28, 2024, following this news.
About Gibbs Law Group
Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”
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Contacts
EILEEN EPSTEIN
PHONE: 510.350.9728
EMAIL: [email protected]