A Dow Chemical company said Tuesday that it was filing a lawsuit against the U.S. Securities and Exchange Commission, seeking to have the agency remove the company’s stock from the markets.
The lawsuit was filed Tuesday by the company, the world’s largest chemical company, against the SEC, U.K.-based CSC Chemicals and the U-K.
Securities & Exchange Commission.
Dow Chemical said in a statement that the SEC had failed to take proper action in its investigation into the company.
Dow’s lawsuit also seeks an order requiring the SEC to issue a public report on the alleged fraud and to require the company to disgorge any profits and any penalties that were obtained.
The SEC filed a civil lawsuit in the U., alleging that Dow Chemical’s stock trading was fraudulent, that the company was defrauding the public, and that it failed to provide reasonable notice to the public about the potential financial impact of the trading.
The company said in the lawsuit that the fraud was committed by former SEC chief Timothy Farr and former chief executive Richard P. Volcker.
“In its ongoing investigation, the SEC has identified more than 1,300 employees and contractors who committed the fraud,” the SEC said in its filing.
Dow said that it would be taking a “defensive position” in the civil lawsuit.
Dow is the second-largest producer of the chemical and has been on the brink of bankruptcy in recent years.
Dow owns a portfolio of Dow Chemical stocks, including Dow Chemical Co., Dow Chemical Chemical’s common stock and Dow Chemical Energy.
Dow Chemicals said that the companies have reached a confidential settlement that will resolve a $500 million class-action lawsuit brought by the American Lung Association and other plaintiffs.
Dow also said that an additional $250 million class action lawsuit was brought by two former employees of the company in 2014.
The plaintiffs in the 2014 lawsuit are seeking the ability to recover any profits they lost as a result of the alleged defraudions.