FMC INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Has Filed a Class Action Lawsuit Against FMC Corporation and Announces Opportunity for Investors with Substantial Losses to Lead Class Action Lawsuit
News provided byRobbins Geller Rudman & Dowd LLP
Nov 20, 2023, 9:35 AM ET
SAN DIEGO, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of FMC Corporation (NYSE: FMC) common stock between November 2, 2022 and October 20, 2023, both dates inclusive (the “Class Period”), have until January 8, 2024 to seek appointment as lead plaintiff of the FMC class action lawsuit. Captioned Heeg v. FMC Corporation, No. 23-cv-04398 (E.D. Pa.), the FMC class action lawsuit charges FMC as well as certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the FMC class action lawsuit, please provide your information here:
CASE ALLEGATIONS: FMC is an agricultural sciences company and chemical manufacturer specializing in the production of patented crop protection products. According to the FMC class action lawsuit, intellectual property and patent protections are a critical component of FMC’s business, particularly when it comes to generating earnings and maintaining market share in key markets abroad.
The FMC class action lawsuit alleges that defendants throughout the class period made false and/or misleading statements and/or failed to disclose that: (i) the diminishment of patent protection for FMC’s flagship products following legal defeats in key markets including India, China, and Brazil had opened the door to increased competition from generics; and (ii) FMC repeatedly mislead investors about the status of such proceedings and falsely claimed that it did not and would not face generic competition in key markets until 2026 at the earliest.
The FMC class action lawsuit further alleges that on July 10, 2023, FMC revised downward its 2023 earnings before interest, taxes, depreciation, and amortization guidance as well as its earnings per share guidance. On this news, the price of FMC’s stock declined more than 11%, according to the complaint.
The FMC class action lawsuit also alleges that on September 7, 2023, Blue Orca Capital published a report alleging that FMC and its executives had made a series of false statements about the status of patent protections for FMC’s flagship products following legal defeats in India, China, and Brazil that FMC had concealed from investors. On this news, the price of FMC’s stock declined more than 7%, according to the complaint.
The FMC class action lawsuit additionally alleges that on October 23, 2023, FMC announced that it was again cutting its third quarter of 2023 outlook and guidance for revenues for the fourth quarter and fiscal year 2024, projecting earnings well below the expectations of analysts, citing substantially lower sales volumes in Latin America, particularly Brazil. On this news, the price of FMC’s stock declined more than 12%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired FMC common stock during the Class Period to seek appointment as lead plaintiff of the FMC class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the FMC class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the FMC class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the FMC class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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Robbins Geller Rudman & Dowd LLP
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