CC - CHEMOURS ALERT: Bragar Eagel & Squire P.C. Announces that a Class Action Lawsuit Has Been Filed Against The Chemours Company and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, March 21, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against The Chemours Company ("Chemours" or the "Company") (NYSE:CC) in the United States District Court for the District of Delaware on behalf of all persons and entities who purchased or otherwise acquired Chemours securities between February 10, 2023 and February 28, 2024, both dates inclusive (the "Class Period"). Investors have until May 20, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
Headquartered in Wilmington, Delaware, Chemours is an industrial and specialty chemical company for a number of markets including, among others, the "coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas" markets.
After the market closed on February 9, 2023, Chemours announced its fourth quarter and full year 2022 financial results. As is relevant here, Chemours announced Free Cash Flow (defined as cash flows from operations, less purchases of property, plant, and equipment) of $94 million in the fourth quarter of 2022 and $447 million in full year 2022, "demonstrating [Chemours's] continuing ability to generate strong Free Cash Flow."
The following day, February 10, 2023 (the first day of the Class Period), Chemours filed its 2022 annual report on Form 10-K (the "2022 Annual Report") with the SEC and reiterated that it generated Free Cash Flow of $447 million in full year 2022. In connection with the 2022 Annual Report, the Company's CEO Mark Newman and then CFO Sameer Ralhan certified the accuracy of the Company's financial reports and the adequacy of the Company's internal control over financial reporting.
Chemours reported quarterly and year-to-date Free Cash Flow metrics in connection with each of the Company's quarterly financial results throughout the remainder of the Class Period. Each of the Company's quarterly financial reports filed on Form 10-Q during the remainder of the Class Period contained substantially identical certifications to those set forth in the 2022 Annual Report from Chemours's CEO Newman and CFO Ralhan (first quarter of ...