New York, New York--(Newsfile Corp. - October 24, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in The Chemours Company (NYSE: CC) ("Chemours" or the "Company") of the December 9, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Chemours stock or options between February 16, 2017 and August 1, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/CC. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Delaware on behalf of all those who purchased Chemours common stock between February 16, 2017 and August 1, 2019 (the "Class Period"). The case, Electrical Workers Pension Fund, Local 103, I.B.E.W. v. The Chemours Company et al, No. 19-cv-01911 was filed on October 8, 2019, and has been assigned to Colm F. Connolly.
Chemours is a spin-off of the Performance Chemicals division of industrial conglomerate E.I. du Pont de Nemours and Company ("DuPont") which began trading as its own public company in 2015. The spin-off was completed pursuant to a Separation Agreement that required Chemours to indemnify DuPont for historic environmental liabilities, including those related to perfluoroalkyl and polyfluoroalkyl substances ("PFAS").
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the extension of the Company's environmental liabilities and costs as well as its ability to meet them. The complaint alleges that Chemours misleadingly 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."
A series of disclosures beginning on May 6, 2019 and culminating on August 1, 2019 revealed the truth about the Company's 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 of a deliberate plan by DuPont to rid itself of significant exposures incurred through decades of PFAS discharge and to unload that responsibility onto Chemours.
As these disclosures became known, Chemours's share price fell from $34.18 per share on May 3, 2019 to a closing price of $14.69 on August 2, 2019: a $19.49 or a 57.02% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Chemours's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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