If you invested in FMC and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses »
11/1/2022 - 10/30/2023
LEAD PLAINTIFF DEADLINE
The litigation focuses on the propriety of FMC’s sales and inventory management practices, and on the sustainability of growth and financial results flowing from its patented diamide insect control products.
The complaint alleges that FMC made false and misleading statements and failed to disclose that: (1) the diminishment of patent protection for FMC’s flagship products following legal defeats in India, China, and Brazil key markets opened the door to increased competition from generics; and (2) FMC repeatedly misled investors about the status of such proceedings and falsely claimed that it did not and would not face generic competition in key markets until 2026 at the earliest.
Investors began to learn the truth on July 10, 2023, when FMC slashed its Q2 2023 revenue outlook by about 30%, reduced its FY 2023 revenue outlook by over 14%, and blamed the reduced guidance on reductions in channel inventory that adversely impacted the company’s sales volumes in the quarter.
Then, on Sept. 7, 2023, Blue Orca published a report alleging that “FMC has concealed from investors that it has suffered a recent string of defeats around the globe that have enabled competitors to now launch competing generics at prices up to 80% below the price of FMC’s flagship insecticide product” and “[c]ontrary to the Company’s claims, FMC’s process patents do not protect its flagship product from generic competition.”
On Oct. 23, 2023, FMC announced it was again cutting its Q3 2023 outlook and issued disappointing Q4 2023 and FY 2024 revenue guidance, blaming substantially lower sales volume in Latin America.
Finally, on Oct. 30, 2023, FMC announced disappointing Q3 2023 results, including a 29% decline in revenue for the quarter, and blamed lower customer demand in Brazil and India.
These events drove the price of FMC shares sharply lower and was accompanied by several analyst downgrades.
FREQUENTLY ASKED QUESTIONS ABOUT THE CASE
- What is the FMC securities class-action case about?
This lawsuit on behalf of investors nationwide focuses on the propriety of FMC’s sales and inventory management practices, and on the sustainability of growth and financial results flowing from its patented diamide insect control products.
WHAT SHOULD I DO?
- I worked at FMC. What should I do?
If you were an employee of FMC during the period relevant to the class-action case, you may have valuable information that could be relevant to the lawsuit. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower 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, contact Reed Kathrein at 844-916-0895 or LICY@hbsslaw.com.
- There are multiple law firms participating, do I need to contact all of them?
No, you do not need to contact all participating law firms. Generally, class-action lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions
AM I ELIGIBLE?
- What is the threshold amount to be eligible? What are “substantial” losses?
The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.
CAN I PARTICPATE?
- Am I affected? What do I need to do to participate?
If you were an investor in FMC during the relevant period specified in the class-action lawsuit, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.
- Can any LICY investor participate?
In most class-action cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.
- I bought on a non-U.S. Exchange. Can I participate?
No. This class-action only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.
- Am I included if I still hold my shares, or do I need to sell to participate?
Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.