Cooper Seeks Lawsuit Dismissal

Time: Mar 16th  2015   Copy editor: Tyrefull

Cooper tire& Rubber Co., filed a motion asking a delaware federal judge to throw out a class action lawsuiton behalf of its stockholders in relation to its failed buyout by Apollo tyres, according to the Findlay Courier.

The class action lawsuit by shareholders was filed in January 2014. The complaint alleges that Cooper violated the federal securities laws by issuing a series of materially misleading statements and omissions in connection with the proposed acquisition of the company by Apollo announced on June 12, 2013. In addition, the complaint alleges that Cooper misrepresented Cooper’s financial condition, financial prospects and the effectiveness of the company’s internal controls.

The Delaware judge, Judge Richard C. Andrews, has yet to rule on the motion.

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