NEW YORK, Aug. 21, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in EQT Corporation (“EQT” or the “Company”) (EQT) of the August 26, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in EQT stock or options between June 19, 2017 and October 24, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/EQT. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Western District of Pennsylvania on behalf of all those who: (1) purchased EQT common stock between June 19, 2017 and October 24, 2018 (the “Class Period”); (2) held EQT or Rice Energy, Inc. (“Rice”) shares as of the record dates of September 25, 2017, and September 21, 2017, respectively, and were entitled to vote at an EQT or Rice special meeting on November 9, 2017 with respect to EQT’s acquisition of Rice; and (3) purchased or otherwise acquired EQT common stock in exchange for their shares of Rice common stock in the Acquisition. The case, Cambridge Retirement System v. EQT Corporation, et al., No. 19-cv-00754 was filed on June 25, 2019 and has been assigned to Judge Maureen P. Kelly.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the billions of dollars in synergies, based on purported operational benefits, that would be achieved in EQT's acquisition of Rice, a rival gas producer. Specifically, on June 19, 2017, EQT announced that it had entered into an agreement to acquire Rice for $6.7 billion. EQT claimed that, as a result of the two companies’ contiguous acreage footprints, the merger would result in $2.5 billion in synergies, including $100 million in cost savings in 2018 alone. After the acquisition’s closing in November 2017, the Company continued to tout the "significant operational synergies" of the merger.
On October 25, 2018, Company disclosed shockingly bad financial results for the three months ended September 30, 2018. Among other things, the Company’s earnings press release issued that day stated that “[e]stimated well development capital expenditures for 2018 increased by $300 million to $2.5 billion. This was driven by inefficiencies resulting from higher activity levels, the learning curve on ultra-long laterals and service cost increases.”
After the announcement, EQT’s share price fell from $40.46 per share on October 24, 2018 to a closing price of $35.34 on October 25, 2018—a $5.12 or a 12.65% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding EQT’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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