Cooper Tire & Rubber Company Investors: Cooper Tire Misled Investors According to a Newly Filed Class Action

SAN DIEGO and FINDAY, Ohio, Feb. 4, 2014

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Cooper Is Accused of Failing to Disclose Risks Associated with Failed Apollo Merger

According to the complaint, Cooper shares fell $5.55, to close at $25.72 on October 7, 2013, on news that the Cooper's previously announced plan to complete a merger with Apollo Tyres Ltd. at $35 per share was in jeopardy causing Cooper to file a lawsuit seeking to force Apollo to close on the merger.  On November 8, 2013, the Court refused to require Apollo to closer the merger and Cooper shares fell $3.08 to close at $23.82 on November 8, 2013.    

Specifically, the complaint alleges that Cooper executives concealed the fact that the planned Apollo merger was opposed by Chengshan Group, Cooper's joint venture partner in its subsidiary, Cooper Chengshan Tire Company, Ltd. ("CCT"). Chengshan previously sought to acquire Cooper for itself and its opposition to the deal made it highly unlikely that the merger would be consummated according to the terms of the proxy statement filed by Cooper on August 30, 2013.  Further, Cooper allegedly concealed the company's lack of actual control over its CCT subsidiary, which was a critical part of the deal as it provided Apollo with a gateway to the Chinese market.  As a result, Cooper issued statements throughout the Class Period that were materially false and misleading and caused investors to suffer financial losses.

Cooper Shareholders Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo

If you invested in Cooper and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the information form on the firm's shareholder rights blog: http://www.robbinsarroyo.com/shareholders-rights-blog/cooper-tire-rubber-company