04:50 AM EST, 03/07/2024 (MT Newswires) -- (Updates with the stock price movement in the last paragraph.)

Chemours ( CC ) said Wednesday that an audit committee review found a lack of transparency and breaches of its ethics code by its chief executive, chief financial officer, and controller about its Q4 earnings.

The board of directors placed the company executives on administrative leave last week.

A statement citing the internal report said senior officials of the titanium products company delayed payments to vendors and accelerated collections of receivables to meet cash flow targets and potentially improve their compensation packages.

The review was prompted by an anonymous tip to the titanium products company's ethics hotline.

The company said the internal review does not affect its preliminary, unaudited estimates of operating results for the year ended Dec. 31.

Shares of the company rose 4.5% in premarket activity Thursday.

Price: 23.03, Change: +1.00, Percent Change: +4.54