CLASS ACTION NOTICE: Berger Montague Advises FMC Corporation (NYSE: FMC) Investors to Inquire About a Securities Fraud Class Action

PHILADELPHIA, Nov. 9, 2023 /PRNewswire/ -- Berger Montague advises investors that a securities fraud class action lawsuit has been filed against FMC Corporation ("FMC") (NYSE: FMC) on behalf of purchasers of FMC's common stock between November 2, 2022 and October 20, 2023, inclusive (the "Class Period").

Investor Deadline: 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. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at jmaro@bm.net or (267) 637-3176, or Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015 or CLICK HERE. 

FMC is an agricultural sciences company and chemical manufacturer specializing in the production of patented crop protection products. Intellectual property and patent protections are a critical component of FMC's business, particularly when it comes to generating earnings and maintaining market share in key markets abroad, including India, China, and Brazil. The complaint alleges that FMC repeatedly offered investors optimistic projections, predicated, in part, on its progress in key markets overseas as FMC concealed legal losses in key markets throughout 2023.

The truth began to emerge on July 10, 2023, when FMC announced that it was cutting its revenue projections for the second quarter and fiscal year 2023. FMC announced that "the revised guidance is driven by substantially lower-than-expected volumes due to an abrupt and significant reduction in inventory by channel partners, which only became evident towards the end of May and continued through the remainder of the quarter in North America, Latin America and EMEA."

Following this news, FMC's stock price fell $11.62 per share, or 11.14%, to close at $92.63 per share on July 10, 2023.

Then, 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.

Finally, on October 23, 2023, FMC announced that it was cutting its third quarter 2023 outlook and guidance for revenues for the fourth quarter and fiscal year 2024, projecting earnings well below the expectations of analysts, and citing substantially lower sales volumes in Latin America.

Following this news, FMC's stock price fell $8.83 per share, or 12.18%, to close at $58.12 per share on October 23, 2023.

According to the complaint and 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 mislead 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.

Learn More About the Lawsuit

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.

Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
jmaro@bm.net 

Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net 

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SOURCE Berger Montague