NEW YORK, Feb. 7, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action has been filed in the United States District Court for the District of Delaware, on behalf of all purchasers of the common stock of Cooper Tire & Rubber Company ("Cooper Tire" or "Company") (NYSE:CTB).
The complaint alleges that the company and certain of its officers violated the Securities and Exchange Act of 1934 harming those who purchased Cooper common stock between June 12, 2013 and November 8, 2013 (the "Class Period"), and Cooper stockholders of record as of the close of business on August 30, 2013 (the "Record Date").
If you purchased Cooper Tire during the Class Period, you may, no later than March 18, 2014, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
According to the complaint, Cooper shares fell $5.55, to close at $25.72 on October 7, 2013, following news that Cooper's previously announced plan to complete a merger with Apollo Tyres Ltd. at $35 per share was in jeopardy causing Cooper to file a lawsuit seeking to force Apollo to close on the merger. On November 8, 2013, the Court refused to require Apollo to close the merger and Cooper shares fell $3.08 to close at $23.82 on November 8, 2013.
The complaint also alleges that Cooper executives concealed the fact that the planned Apollo merger was opposed by Chengshan Group, Cooper's joint venture partner in its subsidiary, Cooper Chengshan Tire Company, Ltd. ("CCT"). Chengshan previously sought to acquire Cooper for itself and its opposition to the deal made it highly unlikely that the merger would be consummated according to the terms of the proxy statement filed by Cooper on August 30, 2013. As a result, Cooper issued statements throughout the Class Period that were materially false and misleading and caused investors to suffer financial losses.
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