Insecticide Firm FMC Hit With Investor Suit After 34% Stock Drop

FMC Corp. was sued by shareholders Thursday who allege the agriculture and insecticide firm made a number of false statements about its business ahead of an almost 34% drop in its stock price last week.

The company failed to disclose that its “channel management initiatives were not progressing as represented” and that it had started walking away from sales opportunities when faced with pricing pressure, the proposed class action filed in the US District Court for the Eastern District of Pennsylvania said.

As a result, the company “inflated inventory in the channels” in Brazil, Asia, Canada, and Eastern Europe, the ...