SAN FRANCISCO, CA / ACCESSWIRE / December 3, 2019 / Hagens Berman urges The Chemours Company (CC) investors who have suffered significant losses to submit their loss now to learn if they qualify to recover their investment losses. The December 9, 2019 lead plaintiff deadline in a securities fraud class action pending against the company is approaching.
CC Securities Class Action:
According to the Complaint, Defendants misled investors by repeatedly stating Chemours had appropriately accounted and accrued reserves for its environmental liabilities, and that the possibility of costs exceeding accrued amounts was "remote," and that, in any event, additional costs would not be material.
Beginning on May 6, 2019, investors began to learn the truth about Chemours' improper accounting through a series of partial disclosures. These disclosures included the June 28, 2019 unsealing of a complaint Chemours filed against DuPont revealing that, contrary to its public statements to investors, Chemours faced over $2.5 billion in environmental liabilities.
Then, on August 1, 2019, the fraud was fully revealed when Chemours reported disappointing Q2 2019 financial results and slashed full-year earnings guidance. This news drove the price of Chemours shares sharply lower on August 2, 2019.
"We're focused on investors' losses and whether Chemours concealed its environmental liability from investors," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Chemours should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email CC@hbsslaw.com.
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Reed Kathrein, 510-725-3000
SOURCE: Hagens Berman Sobol Shapiro LLP
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