Cooper Tire & Rubber Co. filed a motion asking a Delaware federal judge to throw out a class action lawsuit on behalf of its stockholders in relation to its failed buyout by Apollo Tyres, according to the Findlay Courier. The tiremaker argues the case has not merit.
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.