A securities class action has been filed against ChampionX Corporation (CHX) on behalf of sellers of ChampionX common stock between February 29, 2024 through April 1, 2024. This case has been filed in the USDC – SDNY.
On February 29, 2024, ChampionX received an unsolicited non-public offer from Schlumberger Limited to purchase all the outstanding shares of ChampionX for $36.70 per share. On March 7, 2024, Schlumberger raised its offer to $37.80 per share. The ChampionX class action lawsuit alleges that while these offers were on the table and unknown to the investing public, ChampionX was repurchasing its common stock at market prices significantly below the prices offered by Schlumberger. ChampionX had an obligation to disclose that it had received a formal acquisition offer from Schlumberger or abstain from purchasing ChampionX stock from unsuspecting investors.
During the Class Period (between February 29, 2024 and April 1, 2024), ChampionX’s average stock price was $33.32 per share. On Tuesday, April 2, 2024, during pre-market hours, ChampionX disclosed the merger with Schlumberger. The merger eventually closed on July 16, 2025, with Schlumberger acquiring ChampionX for $40.58 per share.