ChampionX, Former Executives Sued by Investors Over SLB Deal

A pension fund sued oilfield service provider ChampionX Corp. and two former executives, alleging they bought back company shares while hiding acquisition offers from SLB that valued the stock at significantly higher prices than what shareholders received.

The defendants repurchased about 216,000 shares for $6.9 million in March 2024 while concealing that SLB had made four acquisition offers ranging from $36.70 to $40.29 per share—well above the $31.80 average price ChampionX paid shareholders, according to the proposed class action filed May 15 in the US District Court for the Southern District of New York.

The complaint seeks damages for investors ...