Class Action Lawsuit Filed Against ChampionX Corporation
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 13 hours ago
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Source: Globenewswire
- Lawsuit Background: Bragar Eagel & Squire has filed a class action lawsuit against ChampionX in the Southern District of New York on behalf of investors who sold shares between February 29 and April 1, 2024, alleging that the company failed to disclose material information that artificially depressed stock prices.
- Acquisition Offer Details: During the class period, ChampionX received a non-public acquisition offer from Schlumberger at $36.70 per share, which was later raised to $37.80 on March 7, 2024, while the company repurchased its stock at lower market prices without informing investors.
- Stock Price Impact: The average stock price of ChampionX during the class period was $33.32 per share, but after the merger announcement on April 2, 2024, the stock price surged, ultimately being acquired by Schlumberger at $40.58 per share, indicating potential significant losses for investors.
- Investor Action: Investors have until July 14, 2026, to apply as lead plaintiffs in the lawsuit, with Bragar Eagel & Squire offering free consultations to affected investors to discuss their legal rights and options.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
