Cooper Tire Investors Sue Over Failed $2.5B Apollo Merger

Law360, New York (January 23, 2014, 2:54 PM ET) -- Investors have hit Cooper Tire & Rubber Co. with a proposed securities class action in Delaware federal court alleging Cooper’s top brass tried to push through a proposed $2.5 billion merger with Apollo Tyres Ltd. because of “corporate greed,” botched the deal and sent Cooper’s stock plunging.

Plaintiffs OFI Risk Arbitrages, OFI Risk Arb Absolu and Timber Hill LLC alleged that Cooper’s Chairman and CEO Roy Armes and Cooper’s CFO Bradley Hughes hid from investors the risks behind the $2.5 billion all-cash deal — in which...
To view the full article, register now.