ChampionX ($CHX) Hidden SLB Takeover Offers and Share Buyback Case

• $CHX investors filed a claim against ChampionX for allegedly buying back shares while hiding SLB’s takeover offers at prices well above where ChampionX shares were trading.

• After ChampionX and SLB announced their merger agreement, $CHX rose 10.4% on April 2, 2024.

• $CHX investors can join this case to be notified about potential recovery.

Case Details:

Between February 29, 2024 and April 1, 2024, ChampionX told investors about its share repurchase program and continued buying back its own stock. The company had increased the program to allow up to $1.5 billion in repurchases, with timing based on factors such as legal requirements, market conditions, and investment opportunities.

However, during this period, investors allege ChampionX was privately negotiating with SLB after receiving takeover offers far above its trading price. ChampionX allegedly failed to disclose that SLB offered $36.70 per share on February 29, 2024; SLB raised its offer to $37.80 per share on March 7, 2024, while ChampionX began sharing diligence materials; and SLB later offered $40.01 and then $40.29 per share before the merger agreement was announced.

Then, on April 2, 2024, ChampionX and SLB announced they had signed a merger agreement. $CHX rose 10.4%, closing at $39.09.

The lawsuit alleges ChampionX had repurchased 216,024 shares during March 2024 at an average price of $31.80, while SLB’s offers were materially higher.

Based on these events, $TICKER investors filed a claim against ChampionX, alleging the company:

• It bought back shares while holding private information about a potential takeover.

• It failed to tell investors that SLB had made repeated offers to buy ChampionX at premium prices.

• It caused investors to sell shares at prices that allegedly did not reflect ChampionX’s true value.

Investors argue ChampionX misled the market about SLB’s acquisition interest, causing losses when sellers parted with shares before the truth emerged.