Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Cooper Tire &
WAYNE, Pa., Jan. 22, 2014
WAYNE, Pa., Jan.22, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that
a class action lawsuit has been filed in the United States District Court for
the District of Delaware on behalf of purchasers of Cooper Tire & Rubber Co.
("Cooper" or the "Company") (NYSE: CTB) common stock during the period between
June 12, 2013 and November 8, 2013, inclusive (the "Class Period"), and all
Cooper shareholders who held shares as of the record date of August 30, 2013
and were entitled to vote with respect to the proposed merger between Cooper
and Apollo Tyres Ltd. ("Apollo").
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For more information regarding this class action suit, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by
email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/ctb.
The Complaint alleges that Defendants violated the federal securities laws by
issuing a series of materially misleading statements and omissions in
connection with the proposed acquisition of the Company by Apollo, an
Indian-based tire company, announced on June 12, 2013 (the "Merger"). Among
other things, Cooper falsely represented the significant risks associated with
the Merger by concealing the fact that the Company lacked control over its
most important subsidiary, Cooper Chengshan Tire Company, Ltd. ("CCT").
Further, the Complaint alleges that Defendants concealed the fact that
Cooper's joint venture partner, Chengshan Group, which had a 35% interest in
CCT, opposed the Merger, and had in fact sought to acquire Cooper for itself.
In addition, the Complaint alleges that Cooper misrepresented Cooper's
financial condition, financial prospects, and the effectiveness of the
Company's internal controls. These and similar misrepresentations and
omissions were included in the proxy statement Cooper issued on August 30,
2013, seeking shareholder approval of the Merger (the "Proxy Statement"), as
well as in other communications soliciting shareholder approval of the deal.
Cooper shareholders voted to approve the Merger on September 30, 2013.
Beginning on October 4, 2013, a series of disclosures alerted investors to the
fact that the Merger was imperiled. On October 7, 2014, Cooper filed a Form
8-K with the SEC which included a press release revealing that the Merger was
in jeopardy and that Cooper 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's request for an order requiring Apollo to close on the
Merger, holding that Apollo had not breached the Merger agreement. In response
to these disclosures, Cooper stock fell significantly, falling 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, you may, no later than March 18, 2014,
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other class members
in directing the litigation. In order to be appointed lead plaintiff, the
Court must determine that the class member's claim is typical of the claims of
other class members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may together
serve as "lead plaintiff." Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead plaintiff.
You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve
as your counsel in this action.
For more information about the case or to participate online, please visit:
www.rmclasslaw.com/cases/ctb or contact Richard A. Maniskas, Esquire toll-free
at (877) 316-3218, or by e-mail at email@example.com. For more
information about class action cases in general or to learn more about Ryan &
Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan &
Maniskas, LLP is devoted to protecting the interests of individual and
institutional investors in shareholder actions in state and federal courts
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
SOURCE Ryan & Maniskas, LLP
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