Chemours Investors: Reminder About December 9, 2019 Filing Deadline in Class Action – Contact Lieff Cabraser
06 November 2019 - 1:02AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
reminds investors of the upcoming deadline to move for appointment
as lead plaintiff in the class action that has been filed on behalf
of investors who purchased or otherwise acquired the common stock
of The Chemours Company (“Chemours” or the “Company”) (NYSE: CC)
between February 16, 2017 and August 1, 2019, inclusive (the “Class
Period”).
If you purchased or otherwise acquired the common stock of
Chemours during the Class Period, you may move the Court for
appointment as lead plaintiff by no later than December 9, 2019. A
lead plaintiff is a representative party who acts on behalf of
other class members in directing the litigation. Your share of any
recovery in the actions will not be affected by your decision of
whether to seek appointment as lead plaintiff. You may retain Lieff
Cabraser, or other attorneys, as your counsel in the actions.
Chemours investors who wish to learn more about the litigation
and how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Chemours, incorporated and headquartered in Wilmington,
Delaware, is a spin-off of the E.I. du Pont de Nemours and Company
(“DuPont”) and produces a wide range of industrial and specialty
chemicals products for various markets. Chemours’s stock began
trading as publicly traded 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”), toxic chemicals that have since become the
basis for environment regulatory actions, governmental
prosecutions, personal injury lawsuits, and extensive remediation
and other clean-up efforts.
The complaint alleges that Chemours misled investors by
misrepresenting that it had correctly accounted and accumulated
reserves for its environmental liabilities, that the likelihood of
costs exceeding accrued amounts was “remote,” and that, in any
event, added costs would not be material. Chemours also guaranteed
investors that its “policies, standards and procedures are properly
designed to avoid 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.
On June 28, 2019, the Delaware Chancery Court unsealed a
complaint that Chemours had filed against Dupont alleging 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.
Following this news, the price of Chemours’s stock fell $2.37 per
share, or nearly 10%, from its closing price of $24.90 per share on
June 27, 2019 to close at $22.53 per share on July 1, 2019. On
August 1, 2019, after the market closed, Chemours announced lower
guidance for 2019. On the following day, it filed its second
quarter of 2019 Form 10-Q and revealed that its estimated
liabilities were far greater than it had previously represented. On
this news, Chemours’s stock price declined another 19% to close at
$14.69 per share on August 2, 2019 on unusually high volume,
eliminating over $560 million in shareholder value.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, and Nashville, is a nationally recognized law
firm committed to advancing the rights of investors and promoting
corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for fourteen years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs’ bar and that demonstrated unusual
dedication and creativity.” Law360 has selected Lieff Cabraser as
one of the Top 50 law firms nationwide for litigation, highlighting
our firm’s “laser focus” and noting that our firm routinely finds
itself “facing off against some of the largest and strongest
defense law firms in the world.” Benchmark Litigation has named
Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in
America.”
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
https://www.lieffcabraser.com.
Follow us for updates on Twitter:
https://twitter.com/LieffCabraser.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20191105005431/en/
Sharon M. Lee Lieff Cabraser Heimann & Bernstein, LLP
Telephone: 1-800-541-7358
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