SAN FRANCISCO - Hagens Berman urges The Chemours Company (NYSE: CC) investors who suffered substantial losses to submit your losses now.  

Class Period: Feb. 10, 2023 – Feb. 28, 2024

Lead Plaintiff Deadline: May 20, 2024

Visit: www.hbsslaw.com/investor-fraud/CC

Contact An Attorney Now: [email protected], 844-916-0895

The Chemours Company (NYSE: CC) Securities Fraud Class Action:

"We’re investigating the propriety of Chemours’ financial statements, including its internal controls, and the company’s tone at the top,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

The complaint alleges that Chemours misrepresented and failed to disclose that (1) certain of its executive officers manipulated Free Cash Flow targets as a means to maximize additional cash and stock incentive compensation applicable to executive officers pursuant to its Annual Incentive Plans (“AIPs”) and Long-Term Incentive Plans (“LTIPs”), and (2) its accounting practices and procedures, including its internal control over financial reporting, were deficient.

The complaint follows Chemours’ bombshell Mar. 6, 2024 update to its internal review relating to an anonymous report made to the company’s Ethics Hotline.

The company said, “the members of senior management who were placed on administrative leave last week violated the Company’s Code of Ethics applicable to the Chief Executive Officer, the Chief Financial Officer, and the Controller relating to the ‘promot[ion of] full, fair, accurate, timely and understandable disclosure.”

More specifically, Chemours revealed that CEO Mark Newman, CFO Jonathan Lock and Controller Camela Wisel: (1) “engaged in efforts in the fourth quarter of 2023 to delay payments to certain vendors that were originally due to be paid in the fourth quarter of 2023 until the first quarter of 2024[;]” (2) “to accelerate the collection of receivables into the fourth quarter of 2023 that were not originally due to be received until the first quarter of 2024[;]” and (3) “these individuals engaged in these efforts in part to meet free cash flow targets that the Company had communicated publicly, and which also would be part of a key metric for determining incentive compensation applicable to executive officers[]” under the AIPs and LTIPs.

The findings follow Chemours’ Feb. 13, 2024 announcement that it postponed the release of its financial results and conference call related to its Q4 and FEY Dec. 31, 2023 and its Feb. 28, 2024 suspension of Newman, Lock and Wisel pending completion of the company’s internal accounting probe and the effectiveness of “tone at the top” set by senior management.

These events drove the price of Chemours shares sharply lower. To date, Chemours has not filed its FYE Dec. 31, 2023 annual report.

If you invested in The Chemours Company and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the Chemours case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding The Chemours Company 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 844-916-0895 or email [email protected].

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About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.