BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith continues its investigation on behalf of The Chemours Company (“Chemours” or the “Company”) (NYSE: CC) investors concerning the Company and its officers’ possible violations of federal securities laws.
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.
If you purchased Chemours securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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