NEW YORK, Feb. 14, 2025 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities who purchased or otherwise acquired FMC Corporation (“FMC” or the “Company”) (NYSE: FMC) securities between November 16, 2023 and February 4, 2025, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that 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, the Complaint alleges that the Defendants failed to disclose to investors that: (1) the Company’s channel management initiatives were not progressing as represented; (2) that, faced with pricing pressure, the Company had made the decision not to compete on prices and instead walk away from sales opportunities; (3) that, as a result, the Company had inflated inventory in the channels in “LATAM, including Brazil, Asia, including India, as well as Canada and Eastern Europe;” and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
The Complaint alleges that on February 4, 2025, after the market closed, FMC released its fourth quarter 2024 financial results in a press release, revealing it had missed its previously announced full fiscal year revenue guidance as well as consensus estimates. The Complaint alleges that the Company stated “growth was below [the Company’s] expectations as [it] learned during the quarter that customers in many countries sought to hold significantly less inventory than they have historically.” The Complaint further alleges that the Company also provided a Full Year 2025 outlook, disclosing that it expects revenue to remain essentially flat due to “weaker demand in the channel as customers in many countries prioritize holding lower than-historical levels of inventory.”
According to the Complaint on this news, FMC’s stock price fell $18.12, or 33.5%, to close at $35.92 per share on February 5, 2025, on unusually heavy trading volume.
Investors who purchased or otherwise acquired shares of FMC should contact the Firm prior to the April 14, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
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