CC - CC INVESTOR ALERT: Bronstein Gewirtz & Grossman LLC Announces that The Chemours Company Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit! | Benzinga
NEW YORK, March 22, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against The Chemours Company ("Chemours" or "the Company") (NYSE:CC) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Chemours securities between February 10, 2023 and February 28, 2024, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/CC.
Case Details:
According to the Complaint, Chemours, headquartered in Wilmington, Delaware, is an industrial and specialty chemical company for a number of markets including the "coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas" markets.
Prior to and during the Class Period, according to the Complaint, Chemours set and publicized certain criteria for executive compensation. For example, pursuant to Chemours's Annual Incentive Plans ("AIPs") for 2022 and 2023, the Company's senior executive officers (including the CEO and CFO) were entitled to additional cash compensation if certain targets, including Free Cash Flow targets, were met. Similarly, pursuant to Chemours's Long-Term Incentive Plans ("LTIPs"), the Company's senior executive officers (including the CEO and CFO) were entitled to stock compensation if certain targets, including Free Cash Flow Conversion (defined as cash flows from operations, less purchases of property, plant, and equipment divided by Adjusted EBITDA) targets, were met.
Notwithstanding Defendants' repeated assurances regarding the accuracy of the Company's financial reports and the adequacy of the Company's internal control over financial reporting, continues the Complaint, investors began to learn the truth on February 13, 2024, when Chemours "announced that it has postponed the release of its financial results and conference call related to the fourth quarter and full year ended December 31, 2023, which had previously been scheduled for February 14, 2024 and February 15, 2024, respectively," and that it now "expect[ed] to issue its fourth quarter and full year 2023 financial results after market close on Wednesday, February 28, 2024."
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