Chemours (NYSE: CC): Kaplan Fox Investigates Potential Securities Fraud at Chemours - Company Executives Placed on Administrative Leave

NEW YORK, NY - (NewMediaWire) - February 29, 2024 - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of The Chemours Company (“Chemours” or the “Company”) (NYSE: CC). Click Here To Join Investigation.

If you acquired Chemours securities and would like to discuss our investigation, please click here or contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

On February 13, 2024, after the market close, Chemours announced that it was delaying the release of Q4 and full year 2023 financial results as the Company evaluates its internal control over financial reporting as of December 31, 2023.  The Company also stated that “[t]he Company’s Audit Committee also needs additional time to complete a related internal review.”

Following this news, the price of Chemours shares fell $3.85 per share, about 12.6%, to close at $26.64 per share.

Then, on February 28, 2024, after the market close, Chemours issued a press release announcing that it had placed three executives, including the Company’s CEO and CFO, on administrative leave “pending the completion of an internal review being overseen by the Audit Committee of the Board of Directors with the assistance of independent outside counsel, which scope includes the processes for reviewing reports made to the Chemours Ethics Hotline, the Company’s practices for managing working capital, including the related impact on metrics within the Company’s incentive plans, certain non-GAAP metrics included in filings made with the Securities and Exchange Commission or otherwise publicly released, and related disclosures.” 

The Company’s February 28, 2024 press release also states that the “the Company is evaluating one or more potential material weaknesses in its internal control over financial reporting as of December 31, 2023 with respect to maintaining effective controls related to the control environment, including the effectiveness of the ‘tone at the top’ set by certain members of senior management. . . .”

Following this news, the price of Chemours shares fell sharply in midday trading by more than 33%.

WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey.  With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand.  Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients.  For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. 

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If you have any questions about this investigation, please contact:

Pamela A. Mayer

KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003

E-mail: pmayer@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com