Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Cabot Oil & Gas Corporation (COG)
Sep 22, 2020, 11:00 ET
LOS ANGELES, Sept. 22, 2020 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming October 13, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Cabot Oil & Gas Corporation ("Cabot Oil" or "the Company") (NYSE: COG) securities between October 23, 2015 and June 12, 2020, inclusive (the "Class Period").
If you suffered a loss on your Cabot Oil investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/cabot-oil-gas-corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On July 26, 2019, the Company 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 2017 for failure to prevent the migration of gas into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania.
On this news, the Company's share price fell $2.63, or over 12%, to close at $19.16 per share on July 26, 2019.
On June 15, 2020, following a grand jury investigation, the Pennsylvania attorney general's office charged Cabot Oil with 15 criminal counts due to its failure to fix faulty gas wells, which polluted Pennsylvania's water supplies through stray gas migration.
On this news, Cabot Oil's stock price fell $0.67 per share, or 3.34%, to close at $19.40 per share on June 15, 2020.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Cabot had inadequate environmental controls and procedures and/or failed to properly mitigate known issues related to those controls and procedures; (2) as a result, Cabot, among other issues, failed to fix faulty gas wells, thereby polluting Pennsylvania's water supplies through stray gas migration; (3) that the foregoing was foreseeably likely to subject Cabot to increased governmental scrutiny and enforcement, as well as increased reputational and financial harm; (4) that Cabot continually downplayed its potential civil and/or criminal liabilities with respect to such environmental matters; and (5) as a result, the Company's public statements were materially false and misleading at all relevant times.
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If you purchased or otherwise acquired Cabot securities during the Class Period, you may move the Court no later than October 13, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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SOURCE Glancy Prongay & Murray LLP
