The litigation centers on a timeline beginning February 29, 2024, when Schlumberger Limited reportedly made an initial unsolicited offer to acquire ChampionX at $36.70 per share. By March 7, that bid climbed to $37.80. According to the filing, ChampionX management failed to disclose these overtures to the public, opting instead to buy back company stock at market prices averaging $33.32—significantly lower than the acquisition proposals on the table.

Investors argue that the company had a fiduciary duty to either inform shareholders of the pending merger interest or suspend its share repurchase program. The merger was eventually made public on April 2, 2024, and closed in July 2025 at a final price of $40.58 per share. Pomerantz LLP, representing the plaintiffs, has set a July 14, 2026, deadline for those seeking to be appointed as lead plaintiff in the case.