Overview
- Two law firms published notices in June reminding sellers of ChampionX (NASDAQ: CHX) stock that a securities fraud class action is pending and that affected investors can join the case.
- The suit covers investors who sold ChampionX common stock during the class period from February 29, 2024 through April 1, 2024 and alleges violations of the Securities Exchange Act of 1934.
- Plaintiffs say ChampionX repurchased millions of dollars of its shares while failing to disclose nonpublic offers from Schlumberger Limited to buy the company at a premium to market prices.
- Investors who want to serve as lead plaintiff must move the court by July 14, 2026, a role that lets the chosen plaintiff direct litigation strategy; plaintiffs’ counsel are offering contingency-fee representation.
- If the case proceeds, it could test when companies must disclose takeover interest during buybacks and may affect recoveries for sellers who traded while the offers were undisclosed.