Akron, Ohio – Goodyear Tire & Rubber Co. is facing legal action by ‘purported Cooper Tire stockholders’ over its $2.5-billion (€2.1 billion) acquisition bid for the tire maker.
Three separate actions have been filed against Cooper Tire and members of the Cooper Tire board during the period between 19 and 26 March, said Goodyear in a 31 securities and exchange commission (SEC) filing.
The stockholder actions generally allege that Cooper Tire and its directors violated the federal securities laws, by issuing “a materially incomplete and misleading registration statement on Form S-4,” said the filing.
The actions seek, among other things, to "enjoin the transactions contemplated by the merger agreement and award of attorneys’ fees and expenses."
In its SEC filing, Goodyear said that both Goodyear and Cooper Tire believed that the allegations in the stockholder actions were “without merit,” but warned that additional lawsuits or demands arising out of the merger may also be filed or made in the future.
“If additional similar lawsuits or demands are filed or made, absent new or different allegations that are material, neither Goodyear nor Cooper Tire will necessarily announce them,” the filing added.