The action arises from defendants’ repurchase of millions of dollars’ worth of ChampionX shares without disclosing material nonpublic information about Schlumberger Limited’s (“SLB”) offers to purchase ChampionX at a premium to then-current prices, which, if disclosed as required, would have indicated to investors that ChampionX’s stock was worth significantly more. The Complaint alleges that the defendants failed to abstain from trading in ChampionX’s stock or to disclose SLB’s offer(s) while buying back the Company’s stock. It was further alleged that the defendants’ failed to disclose the subsequent offers made by ChampionX.