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Press Release from DuPont Shareholders for Fair Value (DSFV)
April 12, 2005
DuPont Investor Coalition Urges Shareholders to Back C8 Disclosure Proposal
Thousands of shareholders warned about possible impact of hidden C8 costs
BOSTON, April 12 /PRNewswire/ -- A coalition of DuPont Co. shareholders is calling on thousands of concerned investors to urge DuPont management to fully disclose legal fees and other hidden costs associated with the production and use of C8, the potential carcinogen used in DuPont's trademark Teflon and other products.
The newly formed coalition -- DuPont Shareholders for Fair Value (DSFV) --this week delivered letters to 5,000 major investors asking them to support a stockholder proposal forcing DuPont to fully disclose the costs for attorneys, experts, lobbying and public relations associated with the health and environmental consequences of perfluorooctanoic acid, also known as PFOA, or C8.
The DSFV proposal, which appears as Item 9 in DuPont's Notice of Annual Meeting and Proxy Statement, will be voted on at DuPont's shareholder meeting on April 27th in Wilmington, Del.
Members of the DSFV coalition own a combined 28,000 shares of DuPont stock. The coalition includes the Paper, Allied-Industrial, Chemical and Energy Workers International Union (PACE), the United Steelworkers of America, the Sisters of Mercy Merion Regional Community in Merion, PA, institutional investors Green Century Capital Management in Boston, and DuPont employee John D. Kimmerle of Kenmore, NY.
"Shareholders have been poorly informed for the past 25 years about what DuPont knew about health and environmental and financial risks of PFOA and Teflon," said DSFV spokesman Sanford Lewis, who is an attorney and leading expert on environmental law and policy.
"Management needs to make this first step toward full disclosure of hidden costs and liabilities - it is the only way the shareholders can get their fair value from DuPont stock."
In its letter to shareholders, the DSFV raised questions about the dramatic impact undisclosed expenses linked to PFOA, or C8, could have on DuPont stock.
Two months ago, DuPont settled a class-action suit in which the company agreed to pay nearly $108 million to settle claims from Ohio and West Virginia residents whose drinking water was contaminated with PFOA. The Environmental Protection Agency claims in a federal lawsuit that DuPont hid information that showed leaching from DuPont's Washington Works, WV waste site contaminated local drinking water and other information about the health risks associated with PFOA.
For more information about DSFV and the shareholder proposal, go to http://www.dupontshareholdersalert.org/.