Pomerantz Legislation Agency Publicizes Class Motion lawsuit in opposition to Cabot Oil & Gasoline Company and sure officers – COG – PRNewswire
NEW YORK, August 13, 2020 / PRNewswire / – Pomerantz LLP Announces Class Action lawsuit has been filed against Cabot Oil & Gas Corporation ("Cabot"or the" Company ") (NYSE: COG) and some of its officers. The class action lawsuit filed in United States District Court for the Southern District of Texas, Houston Division, and registered under 20-cv-02827, is on behalf of a class composed of all persons, other than defendants, who have purchased or otherwise acquired Cabot Securities between October 23, 2015, and June 12, 2020including both dates (the "Class Period") to seek damages caused by Defendants' breaches of the Federal Securities Act and to seek remedial action under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the " Exchange Act ") and rule 10b-5 promulgated against the society and some of its top officials.
If you are a shareholder who has bought Cabot You have securities up during class time October 13, 2020to ask the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, please contact Robert S. Willoughby at the (Email protected) or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 7980. Those inquiring by email are asked to provide their postal address, telephone number, and the number of shares purchased.
(Click here for information on how to participate in the class action.)
Cabot is an independent oil and gas company that researches, uses, develops, manufactures and markets oil and gas properties in the United States.
Cabot focuses its oil and gas efforts primarily on the Marcellus shale in Susquehanna County, Pennsylvania. Cabots Gas procurement activities in Pennsylvania have been the subject of controversy for over a decade, with the company repeatedly denying responsibility for any environmental damage observed in the state.
The complaint alleges that throughout the classroom, the defendants made materially false and misleading statements about the company's business, operational, and compliance policies. In particular, Defendants have made false and / or misleading statements and / or failed to disclose that: (i) Cabot Had inadequate environmental controls and procedures and / or were unable to adequately address known issues related to those controls and procedures; (ii) as a result, CabotAmong other things, faulty gas wells could not be repaired, which polluted the environment Pennsylvania Water supply through stray gas migration; (iii) it was foreseeable that the foregoing was subject matter Cabot increased government control and enforcement as well as increased reputational and financial damage; (iv) Cabot Continuously downplay its potential civil and / or criminal obligations in relation to such environmental matters; and (v) as a result, the Company's public statements at all relevant times have been materially false and misleading.
On 26th July 2019during intraday trading hours Cabot filed a quarterly report on Form 10-Q with the Securities and Exchange Commission, which published the company's financial and operating results for the past quarter June 30, 2019 (the "2Q19 10-Q"). The 2Q19 10-Q disclosed that the Company had received two proposed Consent Orders and Agreements ("CO & As") in connection with two Notices of Violation ("NOVs") received from the Pennsylvania Department of Environment ("PaDEP") June and November 2017for failure to prevent the migration of gas to fresh groundwater sources in the area Susquehanna County, Pennsylvania.
After the release of the 2Q19 10-Q, Cabots Share price fell $ 2.63 per share or 12.07% to close at $ 19.16 per share on 26th July 2019.
Then further June 15, 2020During the pre-market times after an investigation by the grand jury, the Pennsylvania Prosecutor General charged Cabot with fifteen criminal charges arising from failure to repair faulty gas wells, thereby polluting the environment Pennsylvania Water supply through stray gas migration.
In this news Cabots Share price fell $ 0.67 per share or 3.34% to close at $ 19.40 per share on June 15, 2020.
The Pomerantz company with offices in new York, Chicago, los Angeles, and Paris is recognized as a leader in corporate, securities and antitrust litigation. Established by the late Abraham L. PomerantzPomerantz Company, known as the dean of class action, pioneered class action lawsuits. Today, more than 80 years later, the Pomerantz company continues its tradition and fights for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has reclaimed numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP