FMC Corporation (NYSE:FMC), a global agricultural sciences company, is facing a securities fraud class action lawsuit. The suit was filed on Thursday, November 9, 2023, by Berger Montague, represented by James Maro and Andrew Abramowitz, on behalf of investors who bought common stock between November 2, 2022 and October 20, 2023. The lawsuit alleges that FMC relied on misleading information about patent protection and generic competition.
Earlier on the same day, PRNewswire reported about the lawsuit representing shareholders who purchased FMC's shares during the "Class Period" from November 2, 2022 to October 20, 2023. The news about the legal proceedings and FMC's status was sourced from Barchart Market Data Solutions, Morningstar, Zacks Investment Research, and Edgar Online.
The lawsuit claims that FMC failed to disclose increased competition from generics due to diminished patent protection and misled investors about these proceedings. The lead plaintiff is being sought until January 8, 2024.
This legal action follows a series of events that negatively impacted FMC's stock price. On October 23, 2023, FMC announced another cut in its Q3 outlook and guidance for Q4 and fiscal year 2024 revenues due to lower sales volumes in Latin America. This announcement caused an $8.83 per share or a 12.18% drop in its stock price.
Previously on September 7, 2023, Blue Orca Capital reported that FMC made false statements about its patent protections after legal defeats in key markets...
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