what investors need to know about the Chemours Class Action Lawsuit

If you suffered losses in Chemours stock, contact Chemours stock loss lawyer Timothy L. Miles about a Chemours lawsuit

INTRODUCTION TO THE CHEMOURS CLASS ACTION LAWSUIT

The Chemours Company (CC) is facing a class action securities lawsuit, a pivotal matter that has attracted widespread attention within the legal and investment communities. This Chemours class action lawsuit underscores the significance of transparency and accountability in corporate governance, resonating with stakeholders across the spectrum.

This article aims to dissect the implications of the class action against Chemours, exploring its potential impacts on investors, stock value, and the broader legal landscape. By examining the allegations, the process for becoming a lead plaintiff, and the possible outcomes, readers will gain an insightful perspective on this critical legal development.

Allegations and Accusations

Chemours is an industrial and specialty chemical company. The Chemours class action lawsuit  alleges:

1. False and Misleading Statements:  That defendants made  false and/or misleading statements and/or failed to disclose that: (i) certain of Chemours’ senior executive officers manipulated Free Cash Flow targets as a means to maximize additional cash and stock incentive compensation applicable to executive officers pursuant to Chemours’ Annual Incentive Plans and Long-Term Incentive Plans; and (ii) Chemours accounting practices and procedures, including its internal control over financial reporting, were deficient.
2. February 13, 2024: Chemours “announced that it has postponed the release of its financial results and conference call related to the fourth quarter and full year ended December 31, 2023.”  The complaint alleges that according to Chemours, the delay was necessary “because it needs additional time to complete its year-end reporting process” and “is evaluating its internal control over financial reporting . . . with respect to maintaining effective controls related to information and communications.”  On this news, the price of Chemours stock fell more than 12%, according to the complaint.​​
3. February 29, 2024: Chemours announced it was delaying the filing of its annual report for 2023 and that its Board of Directors had “place[d] President and Chief Executive Officer Mark Newman, Senior Vice President and Chief Financial Officer Jonathan Lock and Vice President, Controller and Principal Accounting Officer Camela Wisel 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.”  According to Chemours, the scope of the investigation “includes the processes for reviewing reports made to the Chemours Ethics Hotline” and Chemours’ “practices for managing working capital, including the related impact on metrics within [Chemours’] incentive plans [and] certain non-GAAP metrics” in Chemours’ financial reports, the complaint further alleges.  On this news, the price of Chemours stock fell more than 31%, according to the complaint.​
4. March 6, 2024: Chemours announced, among other things, that the Board’s Audit Committee concluded “that the members of senior management who were placed on administrative leave last week engaged in efforts in the fourth quarter of 2023 to delay payments to certain vendors that were originally due to be paid in the fourth quarter of 2023 until the first quarter of 2024, and to accelerate the collection of receivables into the fourth quarter of 2023 that were originally not due to be received until the first quarter of 2024.”  The Audit Committee also revealed that it “found that these individuals engaged in these efforts in part to meet free cash flow targets that [Chemours] had communicated publicly, and which also would be part of a key metric for determining incentive compensation applicable to executive officers.”

Lead Plaintiff Process and Deadlines

​For investors considering participation in the Chemours class action lawsuit, understanding the lead plaintiff process and associated deadlines is crucial. Here is a breakdown of key points:
Deadline for Lead Plaintiff Motion:

• Lead plaintiff motions for the Chemours class action lawsuit must be filed with the court no later than May 20, 2024.

Eligibility to Become Lead Plaintiff:

• Investors who have purchased or acquired Chemours publicly traded securities during the class period, which spans from February 10, 2023, to February 28, 2024, are eligible to seek appointment as lead plaintiff.
• A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. 

Important Considerations:

• An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. This means investors can share in the recovery without being the lead plaintiff.

• Investors are encouraged to reach out to The Law Offices of Timothy L. Miles for information on possible lead plaintiff appointment, or if you just have general questions about your rights as a shareholder. This role is not mandatory for recovery participation. He can be reached by calling 855/846-6529 or via e-mail at [email protected].

This structured approach ensures that all potential lead plaintiffs are aware of their rights and the process to follow, facilitating informed decisions regarding their involvement in the lawsuit.

THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE CHEMOURS CLASS ACTION LAWSUIT?

Serving as a Lead Plaintiff in the Chemours lawsuit has several important benefits and advantages including:

1. A Lead Plaintiff can negotiate more competitive attorney fees and reduce other litigation costs by actively monitoring the class counsel.
2. Lead Plaintiff has the benefit of being able to manage the litigation primarily by overseeing and monitoring the progress of the action and the efforts of counsel and being able to review and comment on important filings and other documents about the prosecution of the action including providing input on decisions concerning the settlement.
3. There is no financial risk in serving as a Lead Plaintiff because Lead Counsel advances all costs and expenses incurred in the prosecution of the case and will be reimbursed only if there is a successful settlement or judgment recovery for the class.
4. Lead Plaintiff has the benefit of being involved and active in all negotiations relating to any settlement.
5. Lead Plaintiffs that continue owning the stock of the defendant will enjoy the long-term benefits from governance reform resulting from the litigation. 

THE RESPONSIBILITIES THE LEAD PLAINTIFF WILL HAVE IN THE CHEMOURS CLASS ACTION LAWSUIT?

​​A Lead Plaintiff owes a fiduciary duty to the class, and therefore, must act in the best interest of the class in the Chemours class action lawsuit.  Some of the responsibilities of the Lead Plaintiff include:

1. Selecting, monitoring, and overseeing lead counsel.
2. Reviewing and commenting on court filings on behalf of the class.
3. Discussing litigation strategies with the Lead Counsel.
4. Attending depositions (if necessary) and giving a deposition.
5. Attending hearings (if necessary).
6. Participating in mediation and the trial (if necessary).
7. Provide input on any decision concerning the settlement of the securities class action.

frequently asked questions

Can I Be Appointed Lead Plaintiff in the Chemours class action lawsuit if I Purchased Shares Outside of the Class Period?

No.  Even if you suffered losses in Chemours​​​ stock, if you purchased securities outside of the Class period, you will not be able to participate in the Chemours class action lawsuit.

Will the Lead Plaintiffs Get More Money than Class Members if the Chemours Class Action Lawsuit settles?

​No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class. Under the PSLAR, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class.  However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the Chemours class action lawsuit on behalf of investors who suffered losses in Chemours​ stock.  15 U.S.C. § 78u–4(a)(4).

Can I Be Lead Plaintiff in the Chemours Class Action Lawsuit if I am Lead Plaintiff in Another Case?

​Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Chemours​stock, you may move to be appointed lead plaintiff in the Chemours class action lawsuit.

How Do I Know if I am a Member of the Class in the Chemours class action lawsuit?

​​If you purchased shares during the class period and suffered losses in Chemours stock, then you are most likely a member of the class in the Chemours class action lawsuit and may participate in the Chemours lawsuit since you suffered losses in Chemours​​ stock.

CONTACT AN CHEMOURS​ STOCK LOSS LAWYER TODAY ABOUT A CHEMOURS CLASS ACTION LAWSUIT

If you suffered losses in Chemours​ stock, contact Chemours​ stock loss lawyer Timothy L. Miles today for a free case evaluation about an Chemours class action lawsuit. Call today and see what an Chemours stock loss lawyer could do for you if you suffered losses in Chemours​​​ ​stock. This will most likely be the only call you need to make. (855) 846–6529 or [email protected]. ​​

The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846–6529
​Email: [email protected]
​

Chemours​ stock loss lawyer Timothy L. Miles

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors,  shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,​Class Action:  Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022).  Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or call for free anytime.

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
​​Phone: (855) 846-6529
​Email: [email protected]
​