Chemours Allegedly Hid Execs’ Scheme to Maximize Incentive Pay

Chemours Co. failed to disclose that certain senior executives manipulated the company’s free cash flow targets to maximize their cash and stock incentive compensation, concealing deficient accounting practices from investors for more than a year, according to a proposed shareholder class action filed Thursday.

The chemical company and suspended CEO Mark Newman, Chief Financial Officer Jonathan Lock, and Principal Accounting Officer Camela Wisel hid attempts to delay vendor payments and accelerate the collection of receivables between quarters, a scheme to secure additional incentive pay and equity, says the complaint filed in US District Court for the District of Delaware.

After ...