NEW ORLEANS, Nov. 17, 2023 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until January 8, 2024 to file lead plaintiff applications in a securities class action lawsuit against FMC Corporation (NYSE: FMC), if they purchased or otherwise acquired the Company’s shares between November 2, 2022 and October 20, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of Pennsylvania.
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FMC investors should visit us at https://claimsfiler.com/cases/nyse-fmc/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
FMC and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On September 7, 2023, Blue Orca Capital reported that the Company had made a series of false statements about the status of patent protections for its flagship products following legal defeats in India, China, and Brazil, that allowed competitors to launch competing generic products at much lower prices. On this news, the price of FMC’s shares dropped more than 7.4%, to close at $76.10 per share, representing approximately $630 million in investor losses, on high trading volume.
Then, on October 23, 2023, the Company disclosed further cuts to its Q3 2023 outlook and guidance for revenues for Q4 and FY 2024, projecting earnings well below analysts’ expectations, citing substantially lower sales volumes in Latin America. On this news, the price of FMC’s shares plummeted by $8.83 per share, or 12.18%, to close at $58.12 per share.
The case is Heeg v. FMC Corporation, et al., 23-cv-4938.
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