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FMC Corporation

Company NameFMC Corporation
Stock SymbolFMC
Class PeriodFebruary 09, 2022 to October 30, 2023
Lead Plaintiff Motion DeadlineJanuary 08, 2024

On July 10, 2023, before market hours, FMC disclosed that it was cutting its revenue guidance for the second quarter and the 2023 fiscal year due to “substantially lower-than-expected volumes due to an abrupt and significant reduction in inventory by channel partners.” On this news, FMC’s stock price fell $11.62, or 11.1%, to close at $92.63 per share on July 10, 2023, thereby injuring investors.

Then, on September 7, 2023, Blue Orca Capital published a report alleging that FMC had made false statements regarding the status of patent protections for its flagship products following legal defeats in multiple countries and that “contrary to the Company’s claims, FMC’s process patents do not protect its flagship product from generic competition.” On this news, FMC’s stock price fell $6.04, or 7.4%, to close at $75.43 per share on September 7, 2023.

Then, on October 23, 2023, FMC announced that it was again lowering its revenue guidance for the third and fourth quarters of 2023 as well as for the full year 2024, projecting earnings well below analyst expectations. On this news, FMC’s stock price fell $8.83, or 12.2%, to close at $58.12 per share on October 23, 2023, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, 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, 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) the Company 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) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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