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THE CHEMOURS COMPANY INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District for the District of Delaware against The Chemours Company

LEAD PLAINTIFF DEADLINE IS DECEMBER 9, 2019

NEW YORK, Oct. 16, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against The Chemours Company (“Chemours” or the “Company”) (NYSE: CC) in the United States District Court for the District of Delaware on behalf of those who purchased or acquired the securities of Chemours between February 16, 2017 and August 1, 2019 (the “Class Period”).

Investors who purchased shares of The Chemours Company are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in the shares of The Chemours Company, you may, no later than December 9, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of The Chemours Company.

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The filed complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:

  • that Chemours had estimated that costs of remediation and abatement for PFAS contamination were in excess of $200 million without including the significant potential costs to resolve outstanding or future litigation;
     
  • that Chemours was aware of the harmful effects of PFAS and the tort liability that could arise from the decades of emissions;
     
  • that the solutions Chemours began implementing in 2018 were the “very same abatement technology that DuPont previously declined to install in 2013”;
     
  • that Chemours severely understated the Company’s environmental liabilities;
     
  • that it was nearly certain that the liabilities would be greater than accrued amounts; and
     
  • that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Beginning on May 6, 2019, investors began to learn the truth about Chemours' improper accounting through a series of partial disclosures. These disclosures included the June 28, 2019 unsealing of a complaint Chemours filed against DuPont revealing that, contrary to its public statements to investors, Chemours faced over $2.5 billion in environmental liabilities.

Then, on August 1, 2019, the Company announced its second quarter 2019 financial results and disclosed significant increases to its estimated environmental liabilities, including many new legal and regulatory actions related to perfluoroalkyl and polyfluoroalkyl substances (“PFAS”).

On this news, the Company’s share price fell $3.47, or over 19%, to close at $14.69 per share on August 2, 2019. 

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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