Today, Keep Your Promises DuPont sent a letter to the board of directors of Chemours regarding a number of inadequate or misleading disclosures in the company’s shareholder filings. The letter demands that the company remedy the disclosure violations in the filings and ensure that Chemours shareholders are provided the requisite disclosures in advance of the company’s Second Quarter 2016 Earnings Call on August 9.
“Recent developments in the Netherlands concerning Chemours’ Dordrecht plant threaten to jeopardize the plant’s Teflon manufacturing operations and call into question the viability of the company’s Teflon business as it currently operates in Europe and the United States,” reads the letter, citing recent criticism by top Dutch toxicologists of Chemours’ GenX, the chemical that has replaced C-8 in the Teflon manufacturing process and is suspected of causing similar health issues as its predecessor.
“Chemours shareholders have a right to hear about the growing threat to Teflon, one of Chemours’ flagship products, in addition to the mounting C-8 liabilities and costs related to contaminated sites nationwide for which Chemours has indemnified DuPont,” stated Jeffrey Dugas, Campaign Manager for Keep Your Promises DuPont. “If Chemours has nothing to hide, they should come clean in their filings in time for their second quarter earnings call next week.”