Shuman, Glenn & Stecker Investigates EQT Corporation
February 25, 2021 at 13:30 PM EST
Shuman, Glenn & Stecker announces that it is investigating potential claims against certain officers and directors of EQT Corporation (“EQT” or the “Company”) (NYSE: EQT). EQT is a natural gas production company whose primary operations are in the Appalachian Basin and throughout Pennsylvania, West Virginia, and Ohio.
The Firm’s investigation relates to allegations raised in a securities class action against EQT and certain of its senior officers in the U.S. District Court for the Western District of Pennsylvania. The lawsuit alleges that the defendants falsely stated that EQT’s acquisition of Rice Energy Inc. (“Rice”), a rival gas producer, which was announced in June 2017, would yield billions of dollars in synergies based on purported operational benefits. After the deal closed in November 2017, EQT continued to tout the “significant operational synergies” of the merger.
On March 15, 2018, just five months after the merger closed, EQT announced the sudden and unexpected resignation of its CEO. Next, on October 25, 2018, EQT reported poor third-quarter financial results caused by an increase in total costs (as opposed to reduced costs from the promised synergies) and disclosed that its estimated capital expenditures for well development in 2018 would increase by $300 million. As a result, EQT reduced its full-year forecast for 2018. EQT shares declined by 13%, dropping from a close of $40.46 per share on October 24, 2018 to $35.34 on October 25, 2018. EQT’s stock price has never recovered and currently trades for less than $18.50 per share. On December 2, 2020, the federal judge presiding over the securities class action denied the defendants’ motion to dismiss the claims, paving the way for the case to proceed towards trial.
If you currently own EQT common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip Shuman toll free at (866) 569-4531 or email Mr. Shuman at email@example.com.
Shuman, Glenn & Stecker represents investors throughout the nation, concentrating its practice in stockholder litigation.