Shares of Chemours (CC) plunged on Friday on the heels of a bearish report written by short-seller Andrew Left of Citron Research. The report says Chemours was designed for bankruptcy. The specialty chemicals company was spun off from DuPont (DD) last year. Chemours entered the world with a $4 billion debt load, which Left says is unmanageable. But, what is more troubling to Left is the unknown litigation liabilities Chemours may face. The company agreed to indemnify DuPont from claims resulting from lawsuits. 'The liabilities Chemours could face are tied to cases brought against DuPont in which plaintiffs say they developed cancer and other diseases from a chemical used in the production of Teflon.' The chemical was found in the drinking water near DuPont's plants in West Virginia. Shares of DuPont traded down just fractionally in Friday's session.
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