LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired FMC Corporation (“FMC” or the “Company”) (NYSE: FMC) common stock between November 1, 2022 and October 30, 2023, inclusive (the “Class Period”). FMC investors have until January 8, 2024 to file a lead plaintiff motion.
If you suffered a loss on your FMC investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/FMC-Corporation-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On July 10, 2023, before market hours, FMC disclosed that it was cutting its revenue guidance for the second quarter and the 2023 fiscal year due to “substantially lower-than-expected volumes due to an abrupt and significant reduction in inventory by channel partners.” On this news, FMC’s stock price fell $11.62, or 11.1%, to close at $92.63 per share on July 10, 2023, thereby injuring investors.
Then, on September 7, 2023, Blue Orca Capital published a report alleging that FMC had made false statements regarding the status of patent protections for its flagship products following legal defeats in multiple countries and that “contrary to the Company’s claims, FMC’s process patents do not protect its flagship product from generic competition.” On this news, FMC’s stock price fell $6.04, or 7.4%, to close at $75.43 per share on September 7, 2023.
Then, on October 23, 2023, FMC announced that it was again lowering its revenue guidance for the third and fourth quarters of 2023 as well as for the full year 2024, projecting earnings well below analyst expectations. On this news, FMC’s stock price fell $8.83, or 12.2%, to close at $58.12 per share on October 23, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the diminishment of patent protection for FMC’s flagship products following legal defeats in key markets including India, China, and Brazil had opened the door to increased competition from generics; (2) the Company repeatedly mislead investors about the status of such proceedings and falsely claimed that it did not and would not face generic competition in key markets until 2026 at the earliest; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired FMC common stock during the Class Period, you may move the Court no later than January 8, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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