LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired EQT Corporation (“EQT” or the “Company”) (NYSE: EQT) securities between June 19, 2017 and October 24, 2018, inclusive (the “Class Period”). EQT investors have until August 26, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
On June 19, 2017, the Company announced that it would acquire rival gas producer, Rice Energy Inc., for $6.7 billion, which would result in $100 million in cost savings in 2018 and $2.5 billion in synergies.
Then, on October 25, 2018, the Company revealed that estimated capital expenditures in 2018 would increase by $300 million, causing the Company to reduce its full year forecast.
On this news, the Company’s share price fell $5.12, or nearly 13%, to close at $35.34 on October 25, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) land acquired by the Rice Energy merger was not contiguous with the Company’s previously held acreage, which reduced the purported synergy benefits; (2) the purported longer lateral wells were not feasible because of intervening third-party parcels or prior drilling by EQT, Rice, or third parties; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased shares of EQT during the Class Period you may move the Court no later than August 26, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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