Cabot Oil & Gas Corporation Class Action Lawsuit
- Company Name
- Cabot Oil & Gas Corporation
- Stock Symbol
- Class Period
- October 23, 2015 to June 12, 2020
- Motion Deadline
- October 12, 2020
- Southern District of Texas
The Cabot Oil & Gas Corporation class action lawsuit charges Cabot Oil & Gas and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Cabot Oil & Gas securities between October 23, 2015 and June 12, 2020, inclusive (the “Class Period”). The Cabot Oil & Gas class action lawsuit was commenced on August 13, 2020 in the Southern District of Texas and is captioned Windler v. Cabot Oil & Gas Corporation, No. 20-cv-02827.
Cabot Oil & Gas is an independent oil and gas company that explores for, exploits, develops, produces, and markets oil and gas properties in the United States. Cabot Oil & Gas primarily focuses its oil and gas efforts on the Marcellus Shale located in Susquehanna County, Pennsylvania.
The Cabot Oil & Gas class action lawsuit alleges that during the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose that: (i) Cabot Oil & Gas had inadequate environmental controls and procedures and/or had failed to properly mitigate known issues related to those controls and procedures; (ii) as a result, Cabot Oil & Gas, among other issues, failed to fix faulty gas wells, thereby polluting Pennsylvania’s water supplies through stray gas migration; (iii) as a result of the foregoing, it was foreseeably likely that Cabot Oil & Gas would be subject to increased governmental scrutiny and enforcement, as well as to increased reputational and financial harm; (iv) Cabot Oil & Gas continually downplayed its potential civil and/or criminal liabilities with respect to such environmental matters; and (v) as a result, Cabot Oil & Gas’s public statements were materially false and misleading at all relevant times.
On July 26, 2019, Cabot Oil & Gas disclosed that it had received two proposed Consent Order and Agreements related to two Notices of Violation it had received from the Pennsylvania Department of Environmental Protection in June and November of 2017, respectively, for failure to prevent the migration of gas into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania. On this news, Cabot Oil & Gas’s stock price fell more than 12%.
Then, on June 15, 2020, following a grand jury investigation, the Pennsylvania attorney general’s office charged Cabot Oil & Gas with 15 criminal counts arising from its failure to fix faulty gas wells, thereby polluting Pennsylvania’s water supplies through stray gas migration. On this news, Cabot Oil & Gas’s stock price fell an additional 3.3%.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Cabot Oil & Gas securities during the Class Period to seek appointment as lead plaintiff in the Cabot Oil & Gas class action lawsuit. A lead plaintiff will act on behalf of all other class members in directing the Cabot Oil & Gas class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Cabot Oil & Gas class action lawsuit. An investor’s ability to share in any potential future recovery of the Cabot Oil & Gas class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Cabot Oil & Gas class action lawsuit or have questions concerning your rights regarding the Cabot Oil & Gas class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com. Lead plaintiff motions for the Cabot Oil & Gas class action lawsuit must be filed with the court no later than October 12, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.