The Tail Wind Company

The lawsuit alleges that defendants made materially false and misleading statements asserting that Chemours’ practices were “in accordance with applicable environmental laws and regulations” and indicating that Chemours had adequately accrued reserves for its environmental liabilities, with defendants going so far as to characterize the possibility of costs exceeding such reserves as “remote.” Investors began to learn the truth about Chemours’ improper accounting through a series of partial disclosures. These disclosures included the June 28, 2019 unsealing of a complaint Chemours filed against DuPont revealing that, contrary to its public statements to investors, Chemours faced over $2.5 billion in environmental liabilities. Then, on August 1, 2019, the fraud was more fully revealed when Chemours reported disappointing Q2 2019 financial results and its slashed full-year earnings guidance. In response to this news, the price of Chemours stock dropped 19.11% in a single trading day.

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