LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Delaware on behalf of a class (the “Class”) comprising all purchasers of the common stock of Cooper Tire & Rubber Company (“Cooper Tire” or the “Company”) (NYSE:CTB) between June 12, 2013 and November 8, 2013, inclusive (the “Class Period”).
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT (888) 773-9224, OR AT (212) 682-5340, OR BY EMAIL TO SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER OR OTHER POTENTIAL CLAIMS IF YOU PURCHASED COOPER TIRE STOCK PRIOR TO JUNE 12, 2013. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
Cooper Tire, together with its subsidiaries, manufactures and markets replacement tires worldwide. The Complaint alleges that defendants issued a series of materially misleading statements and failed to disclose material adverse facts in connection with the proposed acquisition of the Company by Apollo Tyres Ltd. ("Apollo"), announced on June 12, 2013 (the “Merger”).
Specifically, the Complaint alleges that the Company and certain of its executive officers misrepresented or failed to disclose significant risks associated with the Merger because the Company lacked control over its most important subsidiary, Cooper Chengshan Tire Company, Ltd. ("CCT"), and that Cooper Tire's joint venture partner, Chengshan Group, which had a 35% interest in CCT, opposed the Merger and had sought to acquire Cooper Tire for itself. The Complaint further alleges that Cooper Tire misrepresented its financial condition, financial prospects and the effectiveness of the Company's internal controls.
On September 30, 2013, Cooper Tire shareholders voted to approve the Merger. Beginning on October 4, 2013, a series of disclosures alerted investors to the fact that the Merger was imperiled. On October 7, 2013, Cooper Tire filed a Form 8-K with the Securities and Exchange Commission revealing that the Merger was in jeopardy and that the Company had filed a lawsuit against Apollo in an attempt to force Apollo to close the deal. On November 8, 2013, the Delaware Chancery Court denied Cooper Tire's request for an order requiring Apollo to close on the Merger. In response to these disclosures, Cooper Tire stock fell from $31.27 per share on October 3, 2013, to close at $23.82 per share on November 8, 2013.
If you are a member of the Class described above, you may move the Court no later than March 18, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action, or if you are a long-term shareholder of Cooper Tire and have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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