NEW YORK--(BUSINESS WIRE)--Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Cabot Oil & Gas Corporation ("Cabot" or the "Company") (NYSE: COG) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Cabot securities between October 23, 2015, and June 12, 2020, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/cog.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed 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 a quarterly report on Form 10-Q with the Securities and Exchange Commission, reporting the Company's financial and operating results for the quarter ended June 30, 2019 (the "2Q19 10-Q"). The 2Q19 10-Q 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. Following the release of the 2Q19 10-Q, 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. Following 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.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/cog or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Cabot you have until October 13, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.