A securities class action lawsuit on behalf of investors in Cooper Tire & Rubber Co. against the tiremaker and certain of its senior executives has been filed in the U.S. District Court for the District of Delaware.
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.
Additionally, the complaint alleges that the company’s CEO Roy Armes and its chief financial officer Bradley Hughes violated Section 20(a) of the Exchange Act.
A copy of the complaint can be found here.