Read the full article by Mike Leonard (Bloomberg Law)
“Chemours Co.’s board and senior leadership concealed billions in potential environmental liabilities related to PFAS, a ‘forever chemical,’ while two top executives sold stock at prices inflated by the scheme, investors allege in a federal lawsuit in Delaware.
‘Chemours inherited massive liabilities’ in its 2015 spinoff from DuPont ‘that rendered it insolvent from the start,” and it has admitted under oath that management and the board were ‘fully aware’ its public liability estimates were ‘baseless concoctions,’ one of two lawsuits says.
Meanwhile, its CEO and chief operating officer ‘each sold unusually large amounts of company stock’—a combined $12.3 million—’precisely at a time when they could maximize their insider profits,” the other complaint says. The ‘coordinated’ sales were allegedly ‘strategically timed’ at ‘near-term highs for company stock,’ just before ‘several disastrous corrective disclosures’ sent it crashing 70%.
Chemours called the shareholder complaints baseless in a statement Tuesday…”