NEW YORK, NY - 
(NewMediaWire) - April 9, 2024 - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) reminds investors that a complaint has been filed on behalf of purchasers or acquirers of the common stock of The Chemours Company (“Chemours” or the “Company”) (NYSE: CC) between February 10, 2023 and February 28, 2024 (the “Class Period”). Click here to join investigation.
According to the complaint, on February 13, 2024, investors began to learn the truth when Chemours announced that the Company was delaying the release of Q4 and full year 2023 financial results as the Company evaluates its internal control over financial reporting as of December 31, 2023. According to the Company, the delay was necessary “because it needs additional time to complete its year-end reporting process” and “is evaluating its internal control over financial reporting. . . .”
Following this news, the price of Chemours stock fell $3.85 per share, about 12.6%, to close at $26.64 per share on February 14, 2024.
Then, according to the complaint, before the market opened on February 29, 2024, Chemours issued a press release announcing that it had placed three executives, including the Company’s CEO and CFO, on administrative leave pending the completion of the internal review being overseen by the Audit Committee of the Board of Directors with the assistance of independent outside counsel. Additionally, according to the Company, the scope of the internal review “includes the processes for reviewing reports made to the Chemours Ethics Hotline” and Chemours’ “practices for managing working capital, including the related impact on metrics within the Company’s incentive plans [and] certain non-GAAP metrics.” Additionally, Chemours indicated that “the Company is evaluating one or more potential material weaknesses in its internal control over financial reporting as of December 31, 2023 with respect to maintaining effective controls related to the control environment, including the effectiveness of the ‘tone at the top’ set by certain members of senior management. . . .”
Following this news, the price of Chemours stock fell $9.05 per share, or 31.5%, to close at $19.67 per share on February 29, 2024.
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KAPLAN FOX & KILSHEIMER LLP
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KAPLAN FOX & KILSHEIMER LLP
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E-mail: lking@kaplanfox.com
