The complaint centers on events surrounding February and March 2024, when Schlumberger reportedly submitted two non-public offers to acquire ChampionX. According to the lawsuit filed by Pomerantz LLP, the company received an initial bid of $36.70 per share on February 29, followed by an increased offer of $37.80 on March 7. During this window, plaintiffs allege that ChampionX management continued repurchasing shares at market rates—averaging $33.32—without informing shareholders of the higher-value acquisition proposals on the table.

Legal representatives argue that ChampionX had a fiduciary duty to either disclose these formal offers or halt its stock buyback programs. The merger between the two entities was eventually announced on April 2, 2024, and reached completion in July 2025 at a final price of $40.58 per share. Investors seeking to serve as Lead Plaintiff in the ongoing litigation must file their requests with the court by July 14, 2026.