Robbins LLP reminds ChampionX investors of July 14 deadline
Robbins LLP has reminded ChampionX Corporation investors who sold stock between February 29, 2024, and April 1, 2024, of the July 14, 2026 deadline to file a lead plaintiff motion. The lawsuit alleges the company repurchased 216,000 shares without disclosing Schlumberger Limited's acquisition offers, which were at a premium to market prices. The merger closed on July 16, 2025, at $40.58 per share.
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Robbins LLP has reminded investors who sold ChampionX Corporation common stock between February 29, 2024, and April 1, 2024, of the July 14, 2026, deadline to file a lead plaintiff motion in a securities class action lawsuit. The lawsuit alleges violations of federal securities laws, specifically that ChampionX repurchased shares without disclosing material nonpublic information regarding acquisition offers from Schlumberger Limited. This omission allegedly allowed the company to buy back shares at prices below the offer value, harming investors.
According to the complaint, during the class period, defendants repurchased 216,000 shares of ChampionX stock from unsuspecting investors without disclosing material nonpublic information about Schlumberger Limited's offers to purchase ChampionX at a premium to then-current prices. ChampionX received an unsolicited non-public offer from Schlumberger Limited on February 29, 2024, to purchase all outstanding shares at $36.70 per share. On March 7, 2024, Schlumberger raised its offer to $37.80 per share. During the Class Period, ChampionX's average stock price was $33.32 per share. On April 2, 2024, ChampionX disclosed the merger with Schlumberger. The merger eventually closed on July 16, 2025, with Schlumberger acquiring ChampionX for $40.58 per share.
Key Dates and Events
| Key Dates and Events | Details |
|---|---|
| Class Period | February 29, 2024 to April 1, 2024 |
| Shares Repurchased | 216,000 |
| Initial Offer | $36.70 per share |
| Raised Offer | $37.80 per share |
| Average Stock Price (Class Period) | $33.32 per share |
| Merger Disclosure Date | April 2, 2024 |
| Merger Closing Date | July 16, 2025 |
| Final Acquisition Price | $40.58 per share |
| Lead Plaintiff Deadline | July 14, 2026 |
Investors who purchased or acquired ChampionX securities between February 29, 2024, and April 1, 2024, and wish to serve as lead plaintiff must file papers by July 14, 2026. The lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Shareholders may remain an absent class member without taking action. All representation is on a contingency fee basis, with no fees or expenses required from shareholders.
Interested investors may contact attorney Aaron Dumas, Jr. at Robbins LLP by email at adumas@robbinsllp.com or by telephone at (800) 350-6003. Investors may also contact Rosen Law Firm partner Phillip Kim, Esq. toll-free at 866-767-3653 or by email at case@rosenlegal.com . Alternatively, investors may contact attorney Lesley F. Portnoy at the Portnoy Law Firm by phone at 310-692-8883 or email lesley@portnoylaw.com . Investors may also contact Investor Relations Manager Peter Allocco at Bernstein Liebhard LLP by email at pallocco@bernlieb.com or by telephone at (212) 951-2030.
What potential financial penalties or settlements could ChampionX face if found liable for the securities violations?
How might this lawsuit influence future disclosure practices regarding M&A negotiations and share repurchases?
Could the outcome of this case lead to increased regulatory scrutiny of corporate buyback programs during acquisition talks?
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