Chemours said an internal review into the actions of senior managers alleged to have engaged in accounting misconduct uncovered violations of the chemicals company’s code of ethics regarding the promotion of full, fair, accurate, timely, and understandable disclosure.

The company’s update, provided in a press release Wednesday, followed its announcement last week that itsChief Executive Mark Newman; Senior Vice President and Chief Financial Officer Jonathan Lock; and Vice President, Controller and Principal Accounting Officer Camela Wisel were all placed on leave pending completion of the review.

The review was conducted by the audit committee of the Chemours board of directors with the assistance of independent outside counsel. It determined “there was a lack of transparency with the company’s board of directors by the members of senior management who were placed on administrative leave last week due to the payables and receivables timing actions … and their effect on free cash flow targets at the end of the relevant periods.”