NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, announces that a class action lawsuit has been filed in the United States District Court for the District of Delaware on behalf of investors that purchased Chemours Company (NYSE: CC) securities between February 16, 2017 and August 1, 2019 (the “Class Period”). Investors have until December 9, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Chemours is a spin-off of the Performance Chemicals division of industrial conglomerate E.I. du Pont de Nemours and Company ("DuPont"). Chemours began trading as its own public company in 2015. The spin-off was completed pursuant to a Separation Agreement that required Chemours to protect DuPont for historic environmental liabilities. The action arises from Defendants' misrepresentations and omissions relating to Chemours' statements and accruals for environmental liabilities arising from its decades-long production, use, and discharge of chemicals manufactured by the Performance Chemicals division, including perfluoroalkyl and polyfluoroalkyl substances ("PFAS")—toxic chemicals that have become the basis for environmental regulatory actions, prosecutions, personal injury lawsuits, and extensive remediation efforts.
The complaint, filed on October 8, 2019, alleges that, throughout the Class Period, 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." As a result of these misrepresentations, Chemours shares traded at artificially inflated prices throughout the Class Period.
A series of disclosures beginning on May 6, 2019, culminating on August 1, 2019 when the company revealed the truth about its environmental practices, and that Chemours’ liabilities were far greater than the company had represented. 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. These disclosures triggered sharp declines in the price of Chemours stock. Chemours shares price fell from $34.18 per share on May 3, 2019 to close at $14.69 per share on August 2, 2019.
If you purchased Chemours Company securities during the Class Period, continue to hold shares purchased before the Class Period, have information, 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 Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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