LOS ANGELES, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises FMC Corporation (NYSE: FMC) investors that the firm has initiated an investigation into possible securities violations and may file a class action on behalf of investors. FMC investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The inquiry is examining the legitimacy of FMC's practices concerning sales and management of inventory, as well as the enduring nature of the company's growth and financial performance, particularly in relation to its patented diamide insect control offerings.
On May 1, 2023, FMC disclosed its financial figures for the first quarter of 2023, predicted that the revenue for the second quarter would be comparable to that of the same period in the previous year, and reaffirmed its full-year 2023 revenue forecast to be between $6.08 billion and $6.22 billion.
However, on July 10, 2023, FMC revised its projections for the second quarter and the full year of 2023. The company substantially reduced its second-quarter revenue forecast by approximately 30%, decreased its full-year revenue forecast by more than 14%, and cited inventory cutbacks within its channels as the primary factor negatively influencing sales volumes for the quarter.
On September 7, 2023, Blue Orca issued a report accusing FMC of hiding from its investors a series of international setbacks that have allowed rivals to introduce competing generic products priced up to 80% less than FMC’s leading insecticide. The report challenged the company's assertions that its process patents safeguarded its main product from generic competitors.
Blue Orca’s findings were grim, stating that FMC is likely to face a significant decline in revenues, margins, and cash flow due to the lack of patent protection for its principal product in crucial markets and the surge of competitive generics.
Most recently, on October 23, 2023, FMC issued a warning that its third-quarter 2023 revenues would likely fall short by about 22% from its previously most optimistic August forecast. Additionally, the company lowered its forecast for the full-year 2023 revenues by over 12% from its prior top-end prediction for August, attributing both downgrades to ongoing inventory reductions across all regions.
These successive announcements have led to a substantial drop in the share price of FMC.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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