The Chemours Company (NYSE: CC) Investor Securities Class Action Lawsuit 10/09/2019

If you purchased a significant amount of shares of The Chemours Company (NYSE: CC) between February 16, 2017 and August 1, 2019, and / or if you purchased any NYSE: CC shares prior to February 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: December 9, 2019. NYSE: CC investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Chemours
Case Name: 
Chemours Shareholder Class Action Lawsuit 10/09/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: CC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/09/2019
Class Period Begin: 
02/16/2017
Class Period End: 
08/01/2019
Court of Filing: 
U.S. District Court for the District of Delaware
Deadline To File for Lead: 
12/09/2019
Summary: 

An investor in shares of The Chemours Company (NYSE: CC) filed a lawsuit in the U.S. District Court for the District of Delaware over alleged violations of Federal Securities Laws by The Chemours Company in connection with certain allegedly false and misleading statements made between February 16, 2017 and August 1, 2019.

Wilmington, DE based The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. The Chemours Company is a spin-off of the Performance Chemicals division of industrial conglomerate E.I. du Pont de Nemours and Company ("DuPont") which began trading as its own public company in 2015. The spin-off was completed pursuant to a Separation Agreement that required Chemours to indemnify DuPont for historic environmental liabilities.

The Chemours Company (NYSE: CC) reported that its annual Total Revenue rose from over $6.18 billion in 2017 to over $6.63 billion in 2018 and that its Net Income increased from $746 million in 2017 to $995 million in 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of The Chemours Company (NYSE: CC) common shares between February 16, 2017 and August 1, 2019 , that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 16, 2017 and August 1, 2019, the Defendants misled investors by representing that Chemours had appropriately accounted and accrued reserves for its environmental liabilities, that the possibility of costs exceeding accrued amounts was "remote," and that, in any event, additional costs would not be material. Chemours also assured investors that its "policies, standards and procedures are properly designed to prevent unreasonable risk of harm to people and the environment," and that its "handling, manufacture, use and disposal of hazardous substances are in accordance with applicable environmental laws and regulations."

The plaintiff alleges that a series of disclosures beginning on May 6, 2019 and culminating on August 1, 2019 revealed the truth about the Company's environmental practices, and that Chemours' liabilities were far greater than the Company had represented and that these disclosures included the June 28, 2019 unsealing of a complaint Chemours had filed under seal against DuPont on May 13, 2019, in which Chemours made detailed allegations that its spin-off from DuPont was part a deliberate plan by DuPont to rid itself of significant exposures incurred through decades of PFAS discharge and to unload that responsibility onto Chemours.

Shares of The Chemours Company (NYSE: CC) declined from $58.08 per share in October 2017 to as low as $12.66 per share on August 12, 2019.