Overview
- Two plaintiff firms have filed notices seeking sellers who disposed of ChampionX shares during a narrow period in early 2024 to join a securities class action that challenges the company's repurchase program.
- The complaints allege Schlumberger made non-public offers for ChampionX on two occasions and that ChampionX repurchased shares at market prices materially below those offer levels.
- The filings cite specific figures from the complaint, including alleged Schlumberger offers of $36.70 and $37.80 per share, an average trading price of $33.32 during the alleged class period, and the later deal-close price of $40.58 per share.
- The case is at an early procedural stage with no class certified, and plaintiff firms are soliciting potential lead plaintiffs to bring a motion before a court deadline in mid-2026.
- If litigated, the case could clarify when companies must disclose takeover interest during open-market buybacks and determine whether sellers who traded before public disclosure can recover losses.