ChampionX Faces Class Action Over Alleged Stock Buyback Deception
Investors who sold ChampionX common stock during early 2024 have launched a class action lawsuit, alleging the company withheld news of a takeover bid by Schlumberger. The complaint claims ChampionX repurchased its own shares at artificially deflated prices while secretly negotiating a higher-value acquisition deal with the oilfield services giant.
The litigation centers on a timeline beginning February 29, 2024, when Schlumberger Limited reportedly made an initial unsolicited offer to acquire ChampionX at $36.70 per share. By March 7, that bid climbed to $37.80. According to the filing, ChampionX management failed to disclose these overtures to the public, opting instead to buy back company stock at market prices averaging $33.32—significantly lower than the acquisition proposals on the table.
Investors argue that the company had a fiduciary duty to either inform shareholders of the pending merger interest or suspend its share repurchase program. The merger was eventually made public on April 2, 2024, and closed in July 2025 at a final price of $40.58 per share. Pomerantz LLP, representing the plaintiffs, has set a July 14, 2026, deadline for those seeking to be appointed as lead plaintiff in the case.
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