Shares of the Chemours Company (CC) are plunging on Thursday afternoon after the company suspended three top executives, including CEO Mark Newman. The chemical giant also delayed issuing its fourth quarter report for the second time this month. Yahoo Finance Anchors Josh Lipton and Julie Hyman break down the questions these developments raise for investors. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino
Chemours stock plummeted Thursday after the company said accounting issues would delay its fourth-quarter earnings report and that its board has placed both its CEO and CFO on administrative leave. Shares of Chemours—once part of DuPont de Nemours and maker of paint additives among other products—crumbled 41% to $16.94 apiece in recent Thursday trading. Chemours said Thursday that its board had put CEO Mark Newman and CFO Jonathan Lock, along with controller and principal accounting officer Camela Wisel, on administrative leave as the company conducts an internal review of its accounting practices.
Net Sales Decline and Potential Material Weaknesses in Internal Control Over Financial Reporting