Key Takeaways
Bernstein Liebhard LLP announced a class-action lawsuit against ChampionX Corporation, alleging securities fraud over share repurchases made before its merger with Schlumberger.
According to the lawsuit, defendants failed to disclose material information, which artificially deflated the price of ChampionX common stock while the company was repurchasing its own shares from unsuspecting investors.
The complaint states ChampionX received an unsolicited non-public offer from Schlumberger for $36.70 per share on Feb. 29, 2024, which was raised to $37.80 per share on March 7. During this period, ChampionX's stock traded at an average price of just $33.32 per share.
The alleged withholding of information allowed ChampionX to buy back its shares at a significant discount before formally disclosing the all-stock merger agreement with Schlumberger on April 2, 2024. The merger ultimately closed on July 16, 2025, with Schlumberger acquiring ChampionX for a final price of $40.58 per share.
Multiple law firms, including Rosen Law Firm and The Schall Law Firm, have issued similar alerts, encouraging eligible sellers to join the action. The class period covers sellers of ChampionX common stock between February 29, 2024, and April 1, 2024.
The lawsuits seek to recover damages for investors who sold stock at the allegedly deflated prices. The outcome will test whether ChampionX had an obligation to disclose the acquisition offers or abstain from its share buyback program while in possession of the non-public information.
This article is for informational purposes only and does not constitute investment advice.
