Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Delaware on behalf of shareholders of The Chemours Company who purchased shares between February 16, 2017 and August 1, 2019.
Chemours and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 1, 2019, post-market, the Company disclosed negative financial results for 2Q2019 including decreases in earnings and revenue, a reduction to full-year free cash flow outlook to $100 million from prior guidance of over $550 million, and significant increases in estimated environmental liabilities, including over a dozen new legal and regulatory actions related to toxic perfluoroalkyl and polyfluoroalkyl substances.
On this news, the price of Chemours’ shares plummeted 19% from $18.16 per share on August 1, 2019 to $14.69 on August 2, 2019 on unusually high volume, erasing over $560 million in shareholder value.
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 December 9, 2019 to request that the court appoint them lead plaintiff.