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Class action lawsuit centers around Cooper Tire

A law firm recently filed litigation against a tire company, after shareholders alleged that a proposed merger may violate multiple laws.

Ryan and Maniskas, LLP, noted that it filed a securities class action claim against Cooper Tire and Rubber, Co., in the U.S. District Court of Delaware. This is for shareholders who purchased interests in the company during the class period between June 12, 2013, and Nov. 8, 2013. Additionally, all shareholders in Cooper who had interests were allowed to vote on Aug. 30, 2013, on the merger.

Cooper Tire approved the merger with Apollo Tyres, Ltd., on Sept. 30, 2013. The merger was approved initially, but there were multiple issues that came about on Oct. 4 that informed investors of issues with the transaction. Cooper Tire informed the Securities Exchange Commission on Oct. 7 that the merger may not continue, while it had also filed its own lawsuit against Apollo Tyres. However, the Delaware Chancery Court Ruled on Nov. 8 that Apollo Tyres did not breach the deal between the two companies.

With this information public to the shareholders, the company saw its stock drop to $23.82 per share on Nov. 8. On Oct. 3, the stock was $31.27 per share.

Shareholders who are interested in being the lead plaintiff in the case need to speak with the court by the end of March, 18, 2014. In order to be selected, the person will need to fit certain criteria laid out by the court in order to properly represent the class.

It is also possible to speak with the firm to learn more about the case and how it may affect shareholders. Speaking with Richard Maniskas is best, and he can be reached by phone or email. Another option is to visit the law office's website to read more about the case.

Second lawsuit filed
Two law offices noted jointly that they filed a class action claim against Cooper Tire due to many of the aforementioned issues.

Entwistle and Cappucci, LLP, and Bernstein Litowitz Berger and Grossman, LLP, brought forth the litigation in the same court.

Either law firm is available to field questions and concerns regarding this case. Gerald Silk from BLB&G can be reached by telephone or email, while Vincent Cappucci of Entwistle and Cappucci can be contacted in the same manner.

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