Chemours Stock Drops As Accounting Probe, Soft Outlook Overshadow Earnings Beat [Video]

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 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. Securities and Exchange Commission (SEC) and Southern District of New York attorneys about the results and disclosures of the review.

The company said that “material weaknesses” identified in the review did not contribute to any material misstatements …