|By PR Newswire||
|March 6, 2014 02:03 PM EST||
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 Hongzhi—the 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 venture—or 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.
Firmani + Associates
Mark Firmani, 206-443-9357
SOURCE Hagens Berman Sobol Shapiro LLP
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 23, 2017 12:00 PM EDT Reads: 666
VeriStor Systems has announced that CRN has named VeriStor to its 2017 Managed Service Provider (MSP) 500 list in the Elite 150 category. This annual list recognizes North American solution providers with cutting-edge approaches to delivering managed services. Their offerings help companies navigate the complex and ever-changing landscape of IT, improve operational efficiencies, and maximize their return on IT investments. In today’s fast-paced business environments, MSPs play an important role...
Mar. 23, 2017 11:00 AM EDT Reads: 1,860
Peak 10 has announced that it has completed a 20,000 square foot expansion of its Cincinnati-area data center, a 6,000 square foot expansion of its data center campus in Charlotte’s University Research Park, and added a pair of seasoned executives to its leadership team. This further propels the company on its aggressive growth trajectory to meet the rising demand for flexible hybrid IT strategies and solutions across its enterprise customer base. Cincinnati is home to companies like Kroger, Pr...
Mar. 23, 2017 11:00 AM EDT Reads: 2,283
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 23, 2017 10:45 AM EDT Reads: 1,279
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Mar. 23, 2017 09:30 AM EDT Reads: 2,409
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 23, 2017 08:59 AM EDT Reads: 328
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 23, 2017 08:30 AM EDT Reads: 2,582
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 23, 2017 08:00 AM EDT Reads: 3,659
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Mar. 23, 2017 08:00 AM EDT Reads: 3,219
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 23, 2017 08:00 AM EDT Reads: 866
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Mar. 23, 2017 08:00 AM EDT Reads: 1,985
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 23, 2017 07:45 AM EDT Reads: 996
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Mar. 23, 2017 06:45 AM EDT Reads: 1,512
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 23, 2017 05:30 AM EDT Reads: 1,295
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 23, 2017 05:30 AM EDT Reads: 3,072