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CHX Investors Have Opportunity to Lead ChampionX Corporation Securities Fraud Lawsuit
The lawsuit says ChampionX bought back shares while holding Schlumberger offers that valued the company above market prices, including a $37.80 per share bid.
- On May 25, investor-rights law firm Bronstein, Gewirtz & Grossman, LLC filed a class action lawsuit against ChampionX Corporation and certain officers, alleging securities law violations for withholding material information about Schlumberger acquisition offers from investors between February 29 and April 1, 2024.
- Schlumberger Limited made an unsolicited $36.70-per-share offer on February 29, 2024, then raised it to $37.80 on March 7, while ChampionX stock traded at $33.32 per share on average; the company did not disclose the merger until April 2.
- The complaint alleges ChampionX repurchased millions in stock while possessing nonpublic information about Schlumberger's bids, failing to disclose the offers or abstain from trading, which the lawsuit claims artificially suppressed prices and caused investor damages when true details emerged.
- Investors have until July 14, 2026, to request Court appointment as lead plaintiff. Peretz Bronstein, Founding Partner of Bronstein, Gewirtz & Grossman, LLC, stated the firm's practice centers on "restoring investor capital and ensuring corporate accountability."
- Bronstein, Gewirtz & Grossman, LLC represents investors on contingency, requesting court reimbursement for expenses and fees only upon successful recovery; investors need not serve as lead plaintiff to share in any settlement, and the firm has recovered hundreds of millions in prior cases.
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Total News Sources47
Leaning Left6Leaning Right3Center23Last UpdatedBias Distribution72% Center
Bias Distribution
- 72% of the sources are Center
72% Center
L 19%
C 72%
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