Keep Your Promises DuPont advisor Dr. Paul Brooks released this statement in response to Chemours’ Form 8-K SEC filing dated November 12, 2015:
“Chemours’ disclosure to the SEC on Thursday is an acknowledgement of the company’s liabilities, and we are glad to see the company taking a step in the right direction in responding to Keep Your Promises’ demands for more transparency, but the reality is that the substance of this filing falls far short of full disclosure.
“Stakeholders have a right to know about the growing scientific knowledge of the harms of C-8, including the chemical’s newfound link to childhood obesity when the child is exposed during pregnancy, and the potential magnitude of the litigation that could follow these discoveries.
“Chemours surely knows that the current class of 3,500 cases is the tip of the iceberg when it comes to C-8 contamination liabilities. This summer, new research revealed that contamination is much more serious and widespread than previously believed and that the EPA advisory level is too high by a factor of 1,300. Chemours should acknowledge this, and that as a result, future classes of litigation may surface within months.
“Chemours should be honest and forthright in disclosing the magnitude of these risks to stakeholders, and Thursday’s filing is inadequate for that purpose. Until Chemours gives a full briefing detailing what they know and believe about future litigation, Benzene, the 171 remediation sites inherited from DuPont in the spinoff, and all other environmental liabilities, stakeholders will continue to be left in the dark.”