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What Is The Action Network Fund And Why Are They Sending Letters To DuPont?

What Is The Action Network Fund And Why Are They Sending Letters To DuPont?

E I Du Pont De Nemours and Co (NYSE: DD) has filed a form 8-K with the SEC disclosing that the company received a letter from the Action Network Fund (ANF) that discusses litigation regarding PFOA. PFOA is short for perfluorooctanoic acid, which was a standard ingredient in DuPont’s non-stick Teflon cookware for decades. The chemical is now the center of about 3,500 personal injury claims against DuPont and several other lawsuits filed by companies that used the chemical.

“The Company is furnishing the ANF Letter herewith solely to inform the Company’s stockholders of its receipt and content and does not believe it contains any material information not previously disclosed by the Company,” DuPont said in its 8-K filing.

According to the organization’s website, the Corporate Action Network was created to address the imbalance of power between corporations and individuals.

“When corporations use their power, influence, and resources to harm workers, consumers of their products, or the environment, Corporate Action Network will activate a network of activists and organizations to hold corporations accountable to their responsibility to create shared prosperity,” the site reads.

Related Link: Citron Says Chemours Is 'Toxic,' Will Go Bankrupt

A jury recently ruled that PFOA was responsible for one man’s case of testicular cancer and awarded him $5.1 million in compensation. Although DuPont appeared as a defendant, PFOA liabilities will be covered by spinoff Chemours Co (NYSE: CC).

Last month, Citron called Chemours “a bankruptcy waiting to happen” and speculated that the spinoff was intentionally created to absolve DuPont from legal liability.

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Disclosure: The author holds no position in the stocks mentioned.


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Posted-In: Citron Research perfluorooctanoic acid TeflonNews Short Sellers Legal Best of Benzinga

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