On or around 09/30/2019 (Ongoing date of last review)
Filing Date: June 25, 2019
According to the Complaint, EQT Corporation calls itself the largest natural-gas producer in the United States.
The Complaint alleges that during the Class Period, Defendants falsely stated that EQT's acquisition of Rice, a rival gas producer, would yield billions of dollars in synergies based on purported operational benefits. Specifically, on June 19, 2017, Defendants announced that EQT had entered into an agreement to acquire Rice for $6.7 billion. Defendants represented that because Rice had an acreage footprint largely contiguous to EQT's existing acreage, the acquisition would allow EQT to achieve "a 50% increase in average lateral [drilling] lengths" (as opposed to more traditional vertical well drilling). EQT claimed that as a result, the merger would result in $2.5 billion in synergies, including $100 million in cost savings in 2018 alone.
After the closing in November 2017, the Company continued to tout the "significant operational synergies" of the merger. The Complaint alleges that as a result of Defendants' misrepresentations, EQT shares traded at artificially inflated prices throughout the Class Period.
On September 19, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel.
Company & Securities Information
Defendant: EQT Corporation
Industry: Oil & Gas Operations
Headquarters: United States
Ticker Symbol: EQT
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Cambridge Retirement System, et al. v. EQT Corporation, et al.
COURT: W.D. Pennsylvania
DOCKET #: 19-CV-00754
DATE FILED: 06/25/2019
CLASS PERIOD START: 06/19/2017
CLASS PERIOD END: 10/24/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Bernstein Litowitz Berger & Grossmann LLP (New New York)
Weiss Burkardt Kramer LLC
First Identified Complaint (FIC) Filings:
Complaint for Violations of the Federal Securities Laws
Order Appointing Government of Guam Retirement Fund and the Northeast Carpenters Annuity Fund and Northeast Carpenters Pension Fund as Lead Plaintiff and Approving Their Selection of Lead Counsel
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available