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02/10/2023 - 02/28/2024


Complaint 03/21/24


[email protected]

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.


What is the CC securities class-action case about?

We are investigating the propriety of Chemours’ financial statements, including its internal controls, and the company’s tone at the top.


I worked at CC. What should I do?

If you were an employee of CC, you may have valuable information that could be relevant to the investigation. 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 [email protected].

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.


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.


Am I affected? What do I need to do to participate?

If you were an investor in CC, 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 CC 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 investigation 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.

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