CC - The Chemours Company Has Been Implicated In A Securities Fraud Class Action Lawsuit – Here's How Investors Can Get More Information | Benzinga
The Chemours Company (NYSE:CC) has been under scrutiny for a securities fraud class action lawsuit filed in the United States District Court for the District of Delaware. The action, Taylor Jr. v. The Chemours Company, et al. affects anyone who purchased or acquired Chemours common stock between February 10, 2023, and February 28, 2024.
Chemours, a chemical company, is accused of engaging in misconduct related to its financial reporting. The company claimed to have generated strong Free Cash Flow for the fourth quarter of 2022 and the full year of 2022, which is the amount of cash a company has available after accounting for operational expenses and investments in property and equipment. Chemours reported its Free Cash Flow figures and its CEO and CFO certified the accuracy of the numbers. Chemours also set criteria for executive compensation based on financial targets, including Free Cash Flow targets. Senior executive officers, including the CEO and CFO, were entitled to additional cash compensation and stock-based compensation if these targets were met.
However, on February 13, 2024, Chemours announced a delay in releasing its financial results for the fourth quarter and full year of 2023. The company cited the need for additional time to ...