NEW YORK, Aug.14, 2020 (GLOBE NEWSWIRE) – Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Cabot Oil & Gas Corporation (“Cabot Oil” or the “Company”) (NYSE: COG) in the court of District of the United States for the South District of Texas on behalf of those who purchased or acquired the securities of Cabot Oil between October 23, 2015 and June 12, 2020 inclusive (the “Class Period”). The lawsuit seeks to recover damages for Cabot Oil investors under federal securities laws.
The complaint alleges that the defendants made false and / or misleading statements and / or failed to disclose that: (1) Cabot Oil had inadequate environmental controls and procedures and / or did not properly mitigate known issues related to these controls and procedures; (2) as a result, Cabot Oil has failed to repair faulty gas wells, thereby polluting the Pennsylvania water supply with the migration of parasitic gases; (3) the foregoing was likely to subject Cabot Oil to increased government control and enforcement, as well as increased reputation and financial harm; (4) Cabot Oil has continuously minimized its potential civil and / or criminal liability with respect to these environmental matters; and (5) therefore, the Company’s public statements were materially false and misleading at all material times.
On July 26, 2019, Cabot Oil filed a Quarterly Report on Form 10-Q with the Securities and Exchange Commission, presenting its financial and operating results for the quarter ended June 30, 2019 (the “2Q19 10-Q”). 2Q19 10-Q revealed that the company had received two proposed Consent Orders and Two Notice of Violation (“NOV”) Agreements it received from the Pennsylvania Department of Environmental Protection. in June and November 2017, respectively, for failing to prevent gas migration into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania. Following the 2Q19 10-Q release, Cabot Oil’s share price fell $ 2.63 per share, or 12.07%, to close at $ 19.16 per share on July 26, 2019 .
Then, on June 15, 2020, following a grand jury investigation, the Pennsylvania attorney general’s office indicted Cabot Oil with fifteen counts stemming from its failure to repair faulty gas wells, thereby polluting l supply of water to Pennsylvania by migrating parasitic gases. At this news, Cabot Oil’s share price fell $ 0.67 per share, or 3.34%, to close at $ 19.40 per share on June 15, 2020.
Investors who have purchased or otherwise acquired Cabot Oil shares during the Class Period should contact the company before October 13, 2020 lead applicant’s time limit. A principal plaintiff is a representative party acting on behalf of the other members of the group in the direction of the litigation. If you would like to discuss your rights or interests in relation to this class action lawsuit, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. from Gainey McKenna & Egleston at (212) 983-1300, or by email at firstname.lastname@example.org or email@example.com.
Please visit our website at http://www.gme-law.com for more information about the company.