NEW YORK, Nov. 20, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of Pennsylvania on behalf of those who acquired Cabot Oil & Gas Corporation (“Cabot” or the “Company”) (NYSE: COG) securities during the period from October 23, 2015 through June 12, 2020 (the “Class Period”). Investors have until January 12, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (i) Cabot Oil had inadequate environmental controls and procedures and/or failed to properly mitigate known issues related to those controls and procedures; (ii) Cabot Oil failed to fix faulty gas wells that were polluting Pennsylvania’s water supplies through stray gas migration; and (iii) Cabot Oil continually downplayed its potential civil and/or criminal liabilities with respect to environmental matters.
On July 26, 2019, Cabot Oil filed its quarterly report on Form 10-Q with the SEC for the quarter ended June 30, 2019. The Form 10-Q disclosed that the Company had received two proposed Consent Order and Agreements related to two Notices of Violation it had received from the Pennsylvania Department of Environmental Protection two years earlier (in June and November 2017) for failure to prevent the migration of gas into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania. As a result of this news, the price of Cabot Oil stock declined 12%.
Then, 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 the faulty gas wells that had polluted Pennsylvania’s water supplies through stray gas migration. In announcing the charges, Pennsylvania’s Attorney General, Josh Shapiro, emphasized that defendants “put their bottom line ahead of the health and safety of our neighbors” and that “Cabot knows what they’ve done.” On this news, the price of Cabot Oil stock declined more than 3%.
If you acquired Cabot securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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