Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against FMC Corporation (FMC)
Law Offices of Howard G. Smith reminds investors of the upcoming January 8, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased FMC Corporation ("FMC" or the "Company") (NYSE: FMC) common stock between November 1, 2022 and October 30, 2023, inclusive (the "Class Period").
Investors suffering losses on their FMC investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On July 10, 2023, before market hours, FMC disclosed that it was cutting its revenue guidance for the second quarter and the 2023 fiscal year due to "substantially lower-than-expected volumes due to an abrupt and significant reduction in inventory by channel partners." On this news, FMC's stock price fell $11.62, or 11.1%, to close at $92.63 per share on July 10, 2023, thereby injuring investors.
Then, on September 7, 2023, Blue Orca Capital published a report alleging that FMC had made false statements regarding the status of patent protections for its flagship products following legal defeats in multiple countries and that "contrary to the Company's claims, FMC's process patets do not protect its flagship product from generic competition." On this news, FMC's stock price fell $6.04, or 7.4%, to close at $75.43 per share on September 7, 2023.
Then, on October 23, 2023, FMC announced that it was again lowering its revenue guidance for the third and fourth quarters of 2023 as well as for the full year 2024, projecting earnings well below analyst expectations. On this news, FMC's stock price fell $8.83, or 12.2%, to close at $58.12 per share on October 23, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) 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; (2) the Company 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; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired FMC common stock during the Class Period, you may move the Court no later than January 8, 2024 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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