On July 10, 2023, 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.

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.

Finally, on October 30, 2023, FMC issued a press release announcing its financial results for the third quarter of 2023, including a 29% revenue decline in the quarter. FMC attributed the decline, in part, to lower customer demand in Brazil and a decline in sales in Asia, largely due to lower customer demand in India.

Following this news, FMC’s stock price fell $4.76 per share, or 8%, to close at $53.20 per share on October 31, 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.

Investors who purchased or acquired FMC securities between November 1, 2022 and October 30, 2023 may no later than January 8, 2024, seek to be appointed as a lead plaintiff representative of the class.