Bernstein litowitz berger & grossmann llp announces securities class action suit filed against the chemours company

Bernstein litowitz berger & grossmann llp announced that it filed a securities class action lawsuit on behalf of its client the electrical workers pension fund, local 103, i.b.e.w. ("local 103") against the chemours company and certain of the company's senior executives (collectively, "defendants"). the action, which is captioned electrical workers pension fund, local 103, i.b.e.w. v. the chemours company, 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 between february 16, 2017 and august 1, 2019, inclusive (the "class period"). chemours is a spin-off of the performance chemicals division of industrial conglomerate e.i. du pont de nemours and company ("dupont") which 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 action arises from defendants' misrepresentations and omissions relating to chemours' statements and accruals for environmental liabilities arising from its decades-long production, use, and discharge of chemicals manufactured by the performance chemicals division, 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. 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 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.
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