The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of The Chemours Company (CC) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired The Chemours Company (“Chemours” or the “Company”) (NYSE: CC) common stock between February 10, 2023 and February 28, 2024, inclusive (the “Class Period”). Chemours investors have until May 20, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On February 13, 2024, after the market closed, Chemours disclosed that it was postponing the release of its financial results and conference call related to its fourth quarter and full year 2023. The Company further clarified, stating that it was delaying its results because Chemours is “evaluating its internal control over financial reporting as of December 31, 2023 with respect to maintaining effective controls related to information and communications,” and because the Company’s Audit Committee “needs additional time to complete a related internal review.”

On this news, Chemours’ stock price fell $3.85, or 12.6%, to close at $26.64 per share on February 14, 2024, thereby injuring investors.

Then, on February 29, 2024, Chemours announced that its CEO, CFO, and Controller had been placed on “administrative leave” pending the completion of an internal review, including reviewing reports made to the Chemours Ethics Hotline. Additionally, the Company delayed its earnings report and disclosed that it is “evaluating one or more potential material weaknesses in its internal control over financial reporting[.]”

On this news, Chemours’ stock price fell $9.05, or 31.5%, to close at $19.67 on February 29, 2024, 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) certain of the Company’s senior executive officers manipulated Free Cash Flow targets as a means to maximize additional cash and stock incentive compensation applicable to executive officers pursuant to the Company’s AIPs and LTIPs; (2) the Company’s accounting practices and procedures, including its internal control over financial reporting, were deficient; 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.

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If you purchased Chemours securities during the Class Period, you may move the Court no later than May 20, 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 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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