CC - Why Chemours Stock Soared Today
2024-03-07 17:02:37 ET
Shares of Chemours (NYSE: CC) rallied 16.8% today after the chemical company concluded an internal review that's loomed over the business for the past week, finding that that three top executives violated its code of ethics.
Recall Chemours stock plummeted nearly 40% in a single day last Thursday after the company reported preliminary 2023 results and placed its CEO, CFO, and company controller on administrative leave pending the review. The review originally stemmed from an anonymous report made to Chemours' ethics hotline.
In a press release this morning, Chemours said it determined that "there was a lack of transparency" with its board of directors by the three aforementioned executives as it related to the timing of payables and receivables and their effect on certain free-cash-flow targets.
For further details see:
Why Chemours Stock Soared Today