A shareholder of energy technology provider ChampionX Corp. has filed a lawsuit against the company and its board of directors in an effort to halt a proposed acquisition by SLB, another energy-focused technology company, alleging that ChampionX filed a deficient proxy statement.
According to the lawsuit filed by investor John Thompson in New York state court on Friday, Texas-based ChampionX develops oil and gas technology distributed to companies worldwide. SLB agreed in April to purchase ChampionX in an all-stock transaction valued at nearly $7.8 billion.
Thompson claims that ChampionX and its nine board members breached their fiduciary duties by filing an incomplete and misleading proxy statement related to the merger on May 15. The suit alleges that the statement failed to disclose crucial financial projections and analyses, as well as potential conflicts of interest faced by company insiders.
Thompson emphasizes the importance of investors receiving this critical information before June 18, the date set for stockholders to vote on the proposed transaction.
