Shares in chemicals maker Chemours (CC) were down more than 8% in premarket trading Thursday morning as the disclosure of further details relating to an internal 澳洲幸运5官方开奖结果体彩网:accounting probe and a soft current-quarter outlook overshadowed quarterly results that came in ahead of expectations.

In late February, the company placed its three most senior executives, including former CEO Mark Newman, on administrative leave, revealing about a week later that an internal review found they had manipulated accounting records, in part, to meet cashflow targets linked to incentive compensation.

In its annual 10-K report filed late Wednesday, Chemours—which last week appointed interim chief executive Denise Dignam as its permanent CEO—said that it is complying with information requests from the U.S. 澳洲幸运5官方开奖结果体彩网:Securit𒆙ies and Exchange Commission (SEC) and Southern District of New York attorneys about the results and disclosures of the review.

The company said that “澳洲幸运5官方开奖结果体彩网:material weaknesses” identified in the review did not contribute to any material misstatements in its 澳洲幸运5官方开奖结果体彩网:financial statements but did result in immaterial revisions in several reporting periods between 2021 and 2023.

In its latest quarter ending Dec. 31, the Teflon maker reported 澳洲幸运5官方开奖结果体彩网:adjusted earnings of 31 cents per share, comfortably ahead of the 25 cents a share consensus view, with the 澳洲幸运5官方开奖结果体彩网:bottom line benefiting from lower costs. Revenue in the period of $1.36 billion improved 1.7% from a year earlier and topped the $1.32 billion forecasted by analysts.

Looking ahead, the company projects flat to slightly lower consolidated current-quarter 澳洲幸运5官方开奖结果体彩网:sequential net sales due to softness in its Titanium Technologies and Advanced Performance Materials businesses.

Since plunging to more than a three-year low on news that the company had put three of its senior executives on leave in relation to financial reporting practices, the Chemours share price has made a remarkable recovery to trade near the midway point of an established multi-year 澳洲幸运5官方开奖结果体彩网:trading range. Despite this, the stock sits below the 澳洲幸运5官方开奖结果体彩网:200-day moving average, i🙈ndicating the path of least resistance remains to the downside.

If the stock continues to move lower on recent news-related events, monitor how the price responds to the range’s lower 澳洲幸运5官方开奖结果体彩网:trendline around $23.80. A reversal at this closely watched chart level could set the stage for a move to the pattern’s opposing side, while a 澳洲幸运5官方开奖结果体彩网:breakdown could mark the beg🥀inning 🍸of a longer-term downtrend.

Chemours shares were down 8.6% at $26.39 about an hour before Thursday's opening bell.

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