NEW YORK, Sept. 9, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of EQT Corporation ("EQT" or the "Company") (NYSE: EQT) breached their fiduciary duties to the Company and its shareholders. If you are a EQT shareholder, you may contact attorney Joe Pettigrew for additional information at 844-818-6982 or [email protected].
Scott+Scott is investigating whether certain members of EQT's board of directors misled investors in connection with EQT's acquisition of Rice Energy Inc. ("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 represented that because Rice had an acreage footprint largely contiguous to EQT's existing acreage, the acquisition would allow EQT to achieve "a 50% increase in average lateral [drilling] lengths" (as opposed to more traditional vertical well drilling). EQT claimed that as a result, the merger would result in $2.5 billion in synergies, including $100 million in cost savings in 2018 alone.
After the closing in November 2017, the Company continued to tout the "significant operational synergies" of the merger. On March 15, 2018, just five months after the acquisition closed, EQT announced the sudden and unexpected resignation of its Chief Executive Officer. Then, on October 25, 2018, the Company reported poor third quarter financial results caused by an increase in total costs and disclosed that its estimated capital expenditures for well development in 2018 would increase by $300 million. As a result, the Company reduced its full-year forecast for 2018.
What You Can Do
If you are a EQT shareholder, you may have legal claims against EQT's directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or [email protected].
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
SOURCE Scott+Scott Attorneys at Law LLP