NEW YORK (TheStreet) -- E I Du Pont De Nemours (DD), which makes Pioneer genetically modified corn, was sued for $1 billion by The Ironworkers District Council of Philadelphia & Vicinity Retirement & Pension Plan, which claims company directors promoted herbicide-resistant crop traits knowing they didn't work, Bloomberg reports.
The investment fund says that some past and present DuPont directors wasted corporate assets and fraudulently promoted a specific gene trait, according to a lawsuit filed in Delaware Chancery Court. It was made public today.
Shares of Du Pont are up 1% to $69.56.
TheStreet Ratings team rates DU PONT (E I) DE NEMOURS as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate DU PONT (E I) DE NEMOURS (DD) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: