On or around 10/19/2023 (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. Lead Plaintiff filed an amended Complaint on December 6. Defendants filed a Motion to Dismiss the amended Complaint on January 21, 2020. On December 2, the Court issued an Order denying Defendants' Motion to Dismiss.
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