NEW YORK, NY / ACCESSWIRE / October 13, 2023 / Pomerantz LLP is investigating claims on behalf of investors of FMC Corporation ("FMC" or the "Company") (NYSE:FMC). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether FMC and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 10, 2023, before the market opened, FMC, despite raising its full-year revenue guidance in May 2023, announced that it was cutting its revenue for the second quarter and the 2023 fiscal year. FMC announced that "the revised guidance is driven by substantially lower-than-expected volumes due to an abrupt and significant reduction in inventory by channel partners, which only became evident towards the end of May and continued through the remainder of the quarter[.]"
On this news, FMC's stock price fell $11.62 per share, or 11.14%, to close at $92.63 per share on July 10, 2023.
Then, on September 7, 2023, Blue Orca published a short report on FMC, alleging that "FMC has concealed from investors that it has suffered a recent string of stunning legal defeats around the globe that have enabled competitors to now launch competing generics at prices up to 80% below the price of FMC's flagship insecticide product" and that "[c]ontrary to the Company's claims, FMC's process patents to not protect its flagship product from generic competition."
On this news, FMC's stock price fell $6.09 per share, or 7.41%, to close at $76.10 on September 7, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
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SOURCE: Pomerantz LLP
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