Blue Orca Capital has issued a short report on FMC Corporation, highlighting undisclosed legal setbacks and the impact of generic competition on its revenues. FMC's revenues have already been hit by a global oversupply of inventory, and a 30% Y/Y decline was reported recently. The report suggests that FMC misled investors about the potential for generic competition for its flagship diamides. Legal rulings have allowed generic alternatives to enter key markets in India and China, with Brazil likely to follow. These generics are often sold at significantly lower prices, threatening FMC's market share.