PHILADELPHIA, Nov. 16, 2023 /PRNewswire/ — Nationally recognized law firm Berger Montague PC informs investors that a lawsuit was filed against FMC Corporation (“FMC”) (NYSE: FMC) on behalf of purchasers of FMC’s common stock between November 1, 2022 and October 30, 2023, inclusive (the “Class Period”).
Investors that suffered losses from FMC Corporation (NYSE: FMC) investments can follow the link below for more information regarding the lawsuit:
CLICK HERE to learn more about the lawsuit.
Investors who purchased or acquired FMC securities during the Class Period may, no later than January 8, 2024, seek to be appointed as a lead plaintiff representative of the class.
The complaint alleges that, throughout the Class Period, the 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) FMC repeatedly misled 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) because of these issues, the defendant’s positive statements about FMC’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
According to the lawsuit, 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. Further, the report alleged that FMC falsely claimed it did not and would not face generic competition in key markets until 2026 at the earliest.
Following this news, FMC’s stock price fell $6.09 per share, 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 30, 2023, FMC issued a press release announcing its financial results for the third quarter of 2023, including a 29% revenue decline in the quarter. FMC attributed the decline, in part, to lower customer demand in Brazil and a decline in sales in Asia, largely due to lower customer demand in India.
Following this news, FMC’s stock price fell $4.76 per share, or 8%, to close at $53.20 per share on October 31, 2023.
For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at firstname.lastname@example.org or (267) 637-3176, or Andrew Abramowitz at email@example.com or (215) 875-3015 or CLICK HERE.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
James Maro, Senior Counsel
Andrew Abramowitz, Senior Counsel
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SOURCE Berger Montague