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US/India: Shareholders sue over failed tire merger

By  |  February 6, 2014

A class action lawsuit has reportedly been filed against Cooper Tire & Rubber Co following its failed merger with India-based counterpart Apollo.

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    Reports say the suit is seeking damages from Cooper for allegations the company concealed it’s China-based joint venture partner Chengshan’s disapproval of the merger. That disapproval, the plaintiffs argue, and the following Cooper Chengshan Tire strike, lead to stock plummets and financial losses among shareholders.

    The two companies’ merger imploded late last December; since, two class actions have been filed against Cooper for the failed deal.

    In both cases, plaintiffs include purchasers of Cooper stock.

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