U.S.-based chemical company Chemours has received requests for information from regulators, including the Securities and Exchange Commission, and federal prosecutors after an internal audit investigation found multiple executives shifted cash flows to boost their bonuses.
The company disclosed in its annual report on Wednesday that it was cooperating with information requests from the SEC and U.S. attorneys in the Southern District of New York about its recent internal review.
Chemours launched the internal audit in February in response to an anonymous tip on its ethics hotline and delayed its fourth-quarter earnings report. The investigation found the executives moved to delay payments and speed up collection of certain receivables. The company’s audit committee said the executives had sought to meet certain cash flow targets that were tied to annual stock and bonus awards.