Chemours’ stock plummets after releasing annual report, NC litigation driver of $238M in net losses

By Peter Castagno | Port City Daily | March 28, 2024

Read the full article by Peter Castagno (Port City Daily)

"The multinational chemical corporation at the heart of North Carolina’s PFAS controversy reported $238 million in annual net losses this week, primarily due to litigations in the state and multiple other fronts.

The Chemours Company released its 2023 financial report Wednesday, including fourth-quarter earnings, after a month-long delay due to ongoing accounting misconduct investigations. It states three executives, including CEO Mark Newman, were placed on administrative leave in late February after an internal audit found they manipulated the company’s accounting. 

The company reported $6 billion in 2023 net sales, $1.4 billion of which came in the fourth quarter. Despite beating Wall Street expectations of $1.3 billion in fourth quarter sales, other investor concerns led Chemours’ stock to plummet after releasing the report."