NEW YORK - (NewMediaWire) - October 12, 2020 - Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against Cabot Oil & Gas Corporation (“Cabot” or the “Company”) (NYSE:COG) and reminds investors of the October 13, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $50,000 investing in Cabot stock or options between October 23, 2015 and June 12, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/COG. There is no cost or obligation to you.
You can also contact Faruqi & Faruqi partner James Wilson toll free at 877-247-4292 or 212-983-9330 (Ext. 1310) or by emailing him at email@example.com to discuss your rights and options.
The lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of all those who purchased Cabot securities between October 23, 2015 and June 12, 2020 (the “Class Period”). The case, Windler v. Cabot Oil & Gas Corporation et al., No. 20-cv-02827 was filed on August 13, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) 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) the foregoing was foreseeably likely to subject Cabot to increased governmental scrutiny and enforcement, as well as increased reputational and financial harm; (4) 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.
On July 26, 2019, during intraday trading hours, Cabot filed its 2Q19 10-Q, which disclosed that the Company had received two proposed Consent Order and Agreements (“CO&As”) related to two Notices of Violation (“NOVs”) it had received from the Pennsylvania Department of Environmental Protection (“PaDEP”) back in June and November, 2017, respectively, for failure to prevent the migration of gas into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania.
On this news, Cabot’s stock 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, during pre-market hours, following a grand jury investigation, the Pennsylvania attorney general’s office charged Cabot with fifteen criminal counts arising from its failure to fix faulty gas wells, thereby polluting Pennsylvania’s water supplies through stray gas migration.
On this news, Cabot’s stock price fell $0.67 per share, or 3.34%, to close at $19.40 per share on June 15, 2020.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Cabot’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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