PHILADELPHIA, Sept. 7,
2023 /PRNewswire/ --
FMC Corporation (NYSE:FMC) announced that the report published
today by short-seller Blue Orca Capital made misleading and
factually inaccurate statements regarding FMC's patents for its
diamide insecticide technology and inaccurately speculated on the
strength of FMC's business. As acknowledged by Blue Orca, it
is a biased opinion piece.
FMC has always been clear and transparent about its diamide
growth strategy. The company has consistently disclosed material
developments in diamide litigation in SEC filings. The Blue Orca
report contains quotes and information that have been taken out of
context, are factually incorrect or do not reflect the multiple
dimensions of the FMC diamide growth strategy.
FMC is disappointed a short seller firm would publish a
misleading report that contains such speculation and factually
incorrect statements. FMC will assess the biased, inaccurate
report and take appropriate steps.
About FMC
FMC Corporation is a global agricultural sciences company
dedicated to helping growers produce food,
feed, fiber and fuel for an expanding world population
while adapting to a changing environment. FMC's innovative
crop protection solutions – including biologicals, crop nutrition,
digital and precision agriculture – enable growers, crop advisers
and turf and pest management professionals to address their
toughest challenges economically while protecting the environment.
With approximately 6,600 employees at more than 100 sites
worldwide, FMC is committed to discovering new herbicide,
insecticide and fungicide active ingredients, product formulations
and pioneering technologies that are consistently better for the
planet. Visit fmc.com to learn more and follow us
on LinkedIn® and Twitter®.
Statement under the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995: FMC and its
representatives may from time to time make written or oral
statements that are "forward-looking" and provide other than
historical information, including statements contained in this
press release, in FMC's other filings with the SEC, and in reports
or letters to FMC stockholders.
In some cases, FMC has identified these forward-looking
statements by such words or phrases as "will likely result," "is
confident that," "expect," "expects," "should," "could," "may,"
"will continue to," "believe," "believes," "anticipates,"
"predicts," "forecasts," "estimates," "projects," "potential,"
"intends" or similar expressions identifying "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including the negative of those words or
phrases. Such forward-looking statements are based on our current
views and assumptions regarding future events, future business
conditions and the outlook for the company based on currently
available information. The forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results to be materially different from any results, levels
of activity, performance or achievements expressed or implied by
any forward-looking statement. These statements are qualified by
reference to the risk factors included in Part I, Item 1A of our
Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Form 10-K"), the
section captioned "Forward-Looking Information" in Part II of the
2022 Form 10-K and to similar risk factors and cautionary
statements in all other reports and forms filed with the Securities
and Exchange Commission ("SEC"). Moreover, investors are cautioned
to interpret many of these factors as being impacted as a result of
the residual adverse impacts of COVID and governmental, business,
and societal responses to COVID. We wish to caution readers
not to place undue reliance on any such forward-looking statements,
which speak only as of the date made. Forward-looking
statements are qualified in their entirety by the above cautionary
statement.
We specifically decline to undertake any obligation, and
specifically disclaims any duty, to publicly update or revise any
forward-looking statements that have been made to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events, except as may be
required by law.
This press release contains certain "non-GAAP financial
terms" which are defined on our website www.fmc.com/investors. Such
terms include adjusted EBITDA, adjusted earnings, free cash flow
and organic revenue growth. In addition, we have also provided on
our website reconciliations of non-GAAP terms to the most directly
comparable GAAP term.
- Although we provide forecasts for adjusted earnings per share,
adjusted EBITDA and free cash flow (non-GAAP financial measures),
we are not able to forecast the most directly comparable measures
calculated and presented in accordance with GAAP. Certain elements
of the composition of the GAAP amounts are not predictable, making
it impractical for us to forecast. Such elements include, but are
not limited to, restructuring, acquisition charges, and
discontinued operations. As a result, no GAAP outlook is
provided.
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SOURCE FMC Corporation