NEW YORK, Oct. 11, 2019 /PRNewswire/ -- As previously
announced on October 9, 2019,
Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") filed
the first and only securities class action lawsuit against The
Chemours Company ("Chemours" or the "Company") (NYSE: CC), and
certain of the Company's senior executives (collectively,
"Defendants"). The action is pending in the U.S. District Court for
the District of Delaware and has
now been assigned a civil action number, and is captioned
Electrical Workers Pension Fund, Local 103, I.B.E.W. v. The
Chemours Company, No. 1:19-cv-01911 (D. Del.). A copy of the
complaint is available on BLB&G's website at
www.blbglaw.com.
Based on an extensive investigation, the complaint alleges that
Defendants violated the federal securities laws by making a series
of false and misleading statements concerning Chemours' historical
environmental liabilities arising from decades-long production,
use, and discharge of chemicals, including perfluoroalkyl and
polyfluoroalkyl substances ("PFAS")—toxic chemicals that have
become the basis for environmental regulatory actions,
prosecutions, personal injury lawsuits, and extensive remediation
efforts.
Chemours is a spin-off of the Performance Chemicals division of
industrial conglomerate E.I. du Pont de Nemours and Company
("DuPont") and began trading as its own public company in 2015. The
spin-off was completed pursuant to a Separation Agreement that
required Chemours to indemnify DuPont for historic environmental
liabilities. The Complaint alleges that, from February 16, 2017 through August 1, 2019, inclusive (the "Class Period"),
Defendants misled investors by representing that Chemours had
appropriately accounted and accrued reserves for these
environmental liabilities, that the possibility of costs exceeding
accrued amounts was "remote," and that, in any event, additional
costs would be "not material." Chemours also assured investors that
its "policies, standards and procedures are properly designed to
prevent unreasonable risk of harm to people and the environment,"
and that its "handling, manufacture, use and disposal of hazardous
substances are in accordance with applicable environmental laws and
regulations." As a result of these misrepresentations, Chemours
shares traded at artificially inflated prices throughout the Class
Period.
A series of disclosures beginning on May
6, 2019 and culminating on August 1,
2019 revealed the truth about the Company's environmental
practices, and that Chemours' liabilities were far greater than the
Company had represented. These disclosures included the
June 28, 2019 unsealing of a
complaint Chemours had filed under seal against DuPont on
May 13, 2019, in which Chemours made
detailed allegations that its spin-off from DuPont was part a
deliberate plan by DuPont to rid itself of significant exposures
incurred through decades of PFAS discharge and to unload that
responsibility onto Chemours. These disclosures triggered sharp
declines in the price of Chemours stock, which lost nearly half its
value during this time frame, with Chemours shares falling from
$34.18 per share on May 3, 2019 to close at $14.69 per share on August
2, 2019.
The complaint asserts claims under Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934 on behalf of all purchasers of
Chemours common stock during the Class Period.
If you wish to serve as Lead Plaintiff for the Class, you must
file a motion with the Court no later than December 9, 2019, which is the first business day
on which the U.S. District Court for the District of Delaware is open that is 60 days after the
date that notice of the pendency of this action was first published
on October 9, 2019. Any member of the
proposed Class may move the Court to serve as Lead Plaintiff
through counsel of their choice. Members may also choose to do
nothing and remain part of the proposed Class.
The action was filed by Electrical Workers Pension Fund, Local
103, I.B.E.W. ("Local 103"). Local 103 is represented
by BLB&G, a firm of over 150 attorneys with offices in
New York, California, Louisiana, Illinois, and Delaware. If you wish to discuss this action
or have any questions concerning this notice or your rights or
interests, please contact Michael D.
Blatchley of BLB&G at 212-554-1281, or via e-mail at
michaelb@blbglaw.com.
Since its founding in 1983, BLB&G has built an international
reputation for excellence and integrity. Specializing in securities
fraud, corporate governance, and shareholders' rights, BLB&G
prosecutes class and private actions on behalf of institutional and
individual clients worldwide. Unique among its peers, BLB&G has
obtained several of the largest and most significant securities
recoveries in history, recovering billions of dollars on behalf of
defrauded investors. More information about BLB&G can be found
online at www.blbglaw.com.
CONTACT:
Michael D. Blatchley
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of the Americas, 44th Floor
New York, New York 10020
(212) 554-1281
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SOURCE Bernstein Litowitz Berger & Grossmann LLP