Welcome!

News Feed Item

Hagens Berman Investor Alert: 12 Days Remain to File For Lead Plaintiff in Cooper Tire Securities Fraud Lawsuit

SEATTLE, March 6, 2014 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds purchasers of Cooper Rubber & Tire Company ("Cooper" or the "Company") (NYSE: CTB) of the March 18, 2014 deadline to file for lead plaintiff in a securities fraud class-action lawsuit against CTB claiming the Company and its officers caused significant financial losses to stockholders by withholding risks and misrepresenting information associated with a terminated sale to India-based Apollo Tyres Ltd ("Apollo"). Investors or stockholders who suffered significant financial losses related to the case are invited to email [email protected] for more information.

The lawsuit was filed on behalf of all persons or entities that purchased or acquired securities or company stock between June 12, 2013 and Nov. 8, 2013 (the "Class Period"). The lawsuit is also on behalf of Cooper stockholders of record as of the close of business on Aug. 30, 2013 who had been entitled to vote on the proposed merger between Cooper and Apollo.

Institutional investors, money managers, funds and persons with losses in excess of $300,000 who would like to discuss the investigation, the merits of the claims, or the options for participating in litigation are invited to contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing [email protected].

The deadline to file as Lead Plaintiff in the case is March 18, 2014. Additional information is available at http://hb-securities.com/investigations/CTB.

On June 12, 2013, Cooper announced that it entered into an agreement to be acquired by Apollo for $35 per share, which would create the seventh-largest tire manufacturer in the world by revenue. Following this announcement, Cooper's stock price skyrocketed from around $23 per share to more than $34 per share.

According to the firm's investigation, a series of disclosures alerted stockholders that the merger was in jeopardy beginning on Oct. 4, 2013. On Oct. 4, 2013, Cooper filed a lawsuit against Apollo in an attempt to force through the deal. Cooper stock fell from $31.27 per share on October 3, 2013 to close at $25.72 per share on October 7, 2013, wiping out more than $300 million in shareholder value. The stock continues to trade around $23, closing at $23.60 on March 5, 2014.

Recent reports reveal that Cooper Tire has suffered a $29 million loss due to Chinese industrial action, including strikes.

To date, Hagens Berman's investigation strongly suggests that Cooper was aware of severe undisclosed risks to the merger but never informed investors. Evidence produced in a November trial over the terminated merger indicates Cooper and Apollo pursued the merger in the face of opposition from Che Hongzhithe chairman of the Chengshan Group, which is the 35 percent joint venture owner of Cooper's most important subsidiary, Cooper Chengshan Tire Company, Ltd. According to that testimony, formal negotiations beginning in May 2013 revealed that Chengshan objected to the deal, and eventually demanded $400 million for its stake in the ventureor nearly one-sixth of the cost of the entire deal.

Hagens Berman is investigating other potential undisclosed issues, which the firm believes were material to investors, including:

  • Chengshan Group had been in talks about making its own bid for Cooper when Cooper agreed to a deal with Apollo;
  • In March 2013, Apollo and Cooper first identified Chengshan's objection, and in May, Mr. Hongzhi made a troubling statement to both companies in a meeting;
  • Within one month of the June merger announcement, Roy Ames, Cooper's CEO, met with Mr. Hongzhi to try to overcome his objections.

Hagens Berman is continuing its investigation and invites further information.

Persons with non-public information who want to consider their options to help in the investigation or take advantage of the SEC Whistleblower program may contact Reed Kathrein at 510-725-3000 or email the firm at [email protected] for more information. Under the new SEC Whistleblower program, whistleblowers who provide original information to the SEC may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.

About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in nine cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hb-securities.com  The Firm's Securities Newsletter is at http://www.hb-securities.com/newsletter. The firm's blog is located at www.meaningfuldisclosure.com.

Contacts
Firmani + Associates
Mark Firmani, 206-443-9357
[email protected]irmani.com

SOURCE Hagens Berman Sobol Shapiro LLP

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Archi...
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at 20th Cloud Expo, Brad Winett, Senior Technologist for DDN Storage, will present several current, end-user environments that are using object storage at scale for cloud deployments including private cloud and cloud providers. Details on the top considerations of features and functions for selecting object storage will be included. Brad will also touch on recent developments in tiering technologies that deliver single solution and an end-user view of data across files and objects...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
"Cloud computing is certainly changing how people consume storage, how they use it, and what they use it for. It's also making people rethink how they architect their environment," stated Brad Winett, Senior Technologist for DDN Storage, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settl...
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
For far too long technology teams have lived in siloes. Not only physical siloes, but cultural siloes pushed by competing objectives. This includes informational siloes where business users require one set of data and tech teams require different data. DevOps intends to bridge these gaps to make tech driven operations more aligned and efficient.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...