SAN FRANCISCO, March 18, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges The Chemours Company (NYSE: CC) investors who suffered substantial losses to submit your losses now.
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The Chemours Company (NYSE: CC) Investigation:
On March 6, 2024, Chemours disclosed a bombshell update to its internal review relating to an anonymous report made to the company’s Ethics Hotline.
The company said, “the members of senior management who were placed on administrative leave last week violated the Company’s Code of Ethics applicable to the Chief Executive Officer, the Chief Financial Officer, and the Controller relating to the ‘promot[ion of] full, fair, accurate, timely and understandable disclosure.”
More specifically, Chemours revealed that CEO Mark Newman, CFO Jonathan Lock and Controller Camela Wisel: (1) “engaged in efforts in the fourth quarter of 2023 to delay payments to certain vendors that were originally due to be paid in the fourth quarter of 2023 until the first quarter of 2024[;]” (2) “to accelerate the collection of receivables into the fourth quarter of 2023 that were not originally due to be received until the first quarter of 2024[;]” and (3) “these individuals engaged in these efforts in part to meet free cash flow targets that the Company had communicated publicly, and which also would be part of a key metric for determining incentive compensation applicable to executive officers.”
These findings follow Chemours’ Feb. 13, 2024 announcement that it postponed the release of its financial results and conference call related to its Q4 and FEY Dec. 31, 2023 and its Feb. 28, 2024 suspension of Newman, Lock and Wisel pending completion of the company’s internal accounting probe and the effectiveness of “tone at the top” set by senior management.
Chemours shares are down nearly 20% year to date.
If you invested in The Chemours Company and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Chemours investigation, read more »
Whistleblowers: Persons with non-public information regarding The Chemours Company should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CC@hbsslaw.com.
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