Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of shareholders of FMC Corporation who purchased shares between November 2, 2022 and October 20, 2023.
FMC and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On September 7, 2023, Blue Orca Capital reported that the Company had made a series of false statements about the status of patent protections for its flagship products following legal defeats in India, China, and Brazil, that allowed competitors to launch competing generic products at much lower prices. On this news, the price of FMC’s shares dropped more than 7.4%, to close at $76.10 per share, representing approximately $630 million in investor losses, on high trading volume.
Then, on October 23, 2023, the Company disclosed further cuts to its Q3 2023 outlook and guidance for revenues for Q4 and FY 2024, projecting earnings well below analysts’ expectations, citing substantially lower sales volumes in Latin America. On this news, the price of FMC’s shares plummeted by $8.83 per share, or 12.18%, to close at $58.12 per share.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 8, 2024 to request that the court appoint them lead plaintiff.