Range Resources Corporation Class Action Lawsuit
- Company Name
- Range Resources Corporation
- Stock Symbol
- Class Period
- April 29, 2016 to February 10, 2021
- Motion Deadline
- May 3, 2021
- Western District of Pennsylvania
The Range Resources Corporation class action lawsuit charges Range Resources and certain of its executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of Range Resources common stock between April 29, 2016 and February 10, 2021, inclusive (the “Class Period”). The Range Resources class action lawsuit was commenced on March 4, 2021 in the Western District of Pennsylvania and is captioned Jacobowitz v. Range Resources Corporation, No. 21-cv-00301.
Range Resources operates as an independent natural gas, natural gas liquids (“NGLs”), and oil company in the U.S. Range Resources and its subsidiary, Range Resources – Appalachia, LLC, engage in the exploration, development, and acquisition of natural gas and oil properties in, among other U.S. regions, Fayette County, Pennsylvania. Under Pennsylvania regulations, Range Resources must apply for the correct designation of the status of its wells with local regulators. These status designations include, for example, “active,” “inactive,” or “abandoned.” Pennsylvania’s Department of Environmental Protection (the “DEP”) enforces the regulations governing the correct designation of a well’s status. According to the DEP, “inactive” wells must be viable for future use within a certain time frame. If a well is not viable for future use within that time frame, then the well should be classified as “abandoned” and must be plugged. Improperly classified wells present serious health, safety, and environmental concerns.
The Range Resources class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Range Resources had improperly designated the status of its wells in Pennsylvania since at least 2013; (ii) the foregoing conduct subjected Range Resources to a heightened risk of regulatory investigation and enforcement, as well as artificially decreased Range Resources’ periodically reported cost estimates to plug and abandon its wells; (iii) Range Resources was the subject of a DEP investigation from sometime between September 2017 to January 2021 for improperly designating the status of its wells; (iv) the DEP investigation foreseeably would and ultimately did lead to Range Resources incurring regulatory fines; and (v) as a result, Range Resources’ public statements were materially false and misleading at all relevant times.
On February 10, 2021, the DEP announced that Range Resources had paid a $294,000 civil penalty to the agency on January 8, 2021 for violating the 2012 Oil and Gas Act. The DEP had begun investigating Range Resources after the agency found conflicting and inaccurate information on the status of a Range Resources well in Fayette County, Pennsylvania - specifically concerning whether the well in question was correctly designated as inactive for the purposes of DEP regulation. After subpoenaing Range Resources for information on other wells Range Resources had requested to designate as inactive, the DEP found that “between Tuesday, July 16, 2013, and Monday, October 11, 2017, 42 of Range Resources’ conventional wells were placed on inactive status but were never used again” and that several of Range Resources’ “wells had not been in use for 12 months at the time Range Resources submitted its applications for inactive status,” even though “after 12 consecutive months of no production, the well would be classified as abandoned and must be plugged.” In addition to paying the DEP’s civil penalty, Range Resources was ultimately required to plug the wells the agency identified as having no viable future use to remediate the issue. On this news, the price of Range Resources’ common stock fell more than 6%, damaging investors.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Range Resources common stock during the Class Period to seek appointment as lead plaintiff in the Range Resources class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Range Resources class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Range Resources class action lawsuit. An investor’s ability to share in any potential future recovery of the Range Resources action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Range Resources class action lawsuit or have questions concerning your rights regarding the Range Resources 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 Range Resources class action lawsuit must be filed with the court no later than May 3, 2021.
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 eight 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.