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Chemours

All articles tagged with #chemours

business1 year ago

"Chemours Audit Unveils Improper Deal Shifting by Suspended Executives"

Chemours placed its CEO and financial executives on leave following an audit alleging ethics violations to secure larger bonuses. The audit revealed efforts to manipulate financial reporting by delaying payments to vendors and accelerating receivables to meet free cash flow targets, a key metric for executive bonuses. The company is re-evaluating its ethics hotline practices and has not released its year-end financial reports. The CEO received over $7.6 million in pay in 2022, with most coming from stock and non-equity incentives. The company's stocks increased by more than 10% in the first minutes of trading on Thursday.

via The News Journal|
#bonuses#business#ceo
finance1 year ago

"The Reason Behind Chemours Stock's 37% Morning Crash"

Chemours stock plummeted 37.3% after announcing a delay in releasing its Q4 and full-year financial results for 2023, along with the replacement of its CEO, CFO, and controller. Preliminary estimates indicate a 12% sales decline and a shift from profit to loss in 2023. The company cited potential material weaknesses in its internal financial reporting and mentioned reports to its ethics hotline. With a likely loss of $225-235 million, the stock's future remains uncertain, leading to a very bad news day for Chemours.

via Yahoo Finance|
#chemours#finance#financial-results
business1 year ago

"Chemours Faces Turmoil as Top Executives Suspended and Accounting Issues Worsen"

Chemours shares plummeted to a three-year low after placing its CEO, CFO, and principal accounting officer on administrative leave and delaying the release of its fourth-quarter and full-year results due to potential "material weaknesses" in its financial reporting. The company's internal review revealed concerns about the effectiveness of senior management's "tone at the top." The stock dropped 42% and trading was briefly halted for volatility, with more than 11 million shares traded within the first hour. Chemours named interim replacements for the CEO and CFO, and expects a significant decrease in net sales and a net annual loss for the year ended Dec. 31.

via Reuters|
#business#chemours#executives
business1 year ago

"Chemours Faces Internal Turmoil: Executives Suspended, Stock Plunges"

Chemours, based in Wilmington, has placed its CEO, CFO, and Controller on administrative leave pending an internal review by the Audit Committee of the Board of Directors. The review includes processes for managing working capital, impact on incentive plans, non-GAAP metrics, and related disclosures. The company announced un-audited preliminary year-end results and delayed filing its annual 10-K report. Denise Dignam has been named as the Interim CEO and Matt Abbott as the Interim CFO. Chemours stock price fell over 40% following the announcement.

via 1150AM/101.7FM WDEL|
#business#ceo#cfo
environment1 year ago

"Guardian Test Exposes Inaccurate Claims of 99.99% Emission Reduction at North Carolina PFAS Factory"

Chemours, a PFAS manufacturing plant in North Carolina, claims to have reduced air emissions of "forever chemicals" by 99.999-plus percent, but a Guardian-commissioned test reveals PFAS levels outside the plant are far higher than reported, raising concerns about widespread contamination of the region's water and food supplies. The company's thermal oxidizer technology, touted as capable of destroying PFAS, may not be capturing all the compounds, and the limited testing requirements in the consent order may not provide a complete picture of the emissions. Residents living near the plant fear for their health and the safety of their environment, as PFAS exposure has been linked to serious health problems.

via The Guardian US|
#air-pollution#chemours#environment
environment2 years ago

UN Experts Condemn Chemours for PFAS Pollution and Human Rights Violations in North Carolina

United Nations human rights experts have expressed alarm over evidence of PFAS pollution from a manufacturing plant in North Carolina, describing it as "alleged human rights violations and abuses against residents." The investigation focuses on the Fayetteville Works plant operated by Chemours, which has been linked to the ongoing PFAS crisis in the region. The experts have sent allegation letters to Chemours and four other parties, citing extensive evidence of contamination and accusing DuPont and Chemours of suppressing and concealing the dangers of PFAS. The UN experts have requested a response to their observations, highlighting concerns about the wellbeing of community members who have been denied access to clean and safe water for decades. The investigation puts pressure on regulators to take action.

via The Guardian|
#chemours#environment#human-rights
legal2 years ago

"Landmark U.S. Court Ruling Denies Massive Class Action Against 'Forever Chemicals' Manufacturer (NYSE:MMM)"

The 6th U.S. Circuit Court of Appeals has overturned a lower court's ruling that would have allowed nearly 12 million Ohio residents to sue 3M, DuPont, Corteva, Chemours, and other manufacturers of "forever chemicals" in a class action lawsuit. The court stated that the lead plaintiff had filed a complaint that was too broad and failed to establish a direct link between the chemicals found in his body and the companies. The lawsuit aimed to make the companies pay for studies on the health impacts of the chemicals, and it is one of many similar cases filed against these manufacturers in recent years.

via Seeking Alpha|
#3m#chemours#corteva