NEW YORK, June 20, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Rice Energy Inc. ("RICE" or the "Company") (NYSE: RICE) in connection with the proposed acquisition of the Company by EQT Corporation ("EQT") (NYSE: EQT). Under the terms of the agreement, the Company's shareholders will receive $5.30 in cash and 0.37 of a share of EQT for each share of RICE they own, representing consideration of $25.09 based on EQT's June 19 closing price.
WeissLaw is investigating whether RICE's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $40.00 per share, or approximately $15.00 greater than EQT's per-share consideration. In addition, RICE shares traded above the per-share consideration as recently as December of last year, peaking in September when they traded at $29.36. Further, the Company recently announced positive financial results in the first quarter of 2017. It reported an 11% period-over-period increase in net production, and a remarkable 21% period-over-period growth in adjusted EBITDAX. In its May 4, 2017 earnings call, the Company's CEO further underscored RICE's successful quarter when he highlighted that the Company achieved record production, gathered record volumes through its midstream systems, and exited the quarter with an impressive $1.9 billion of liquidity.
Given these facts, WeissLaw is investigating whether RICE's Board acted in the best interests of RICE's public shareholders to maximize shareholder value prior to entering into the agreement. If you own RICE shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or visit our website, http://www.weisslawllp.com/rice-energy-inc/
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SOURCE WeissLaw LLP