A lawsuit was filed on behalf of investors in EQT Corporation (NYSE: EQT) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/16/2019 -- An investor, who purchased shares of EQT Corporation (NYSE: EQT), filed a lawsuit over alleged violations of Federal Securities Laws by EQT.
Investors who purchased shares of EQT Corporation (NYSE: EQT) have certain options and for certain investors are short and strict deadlines running. Deadline: August 26, 2019. NYSE: EQT investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Pittburgh, PA based EQT Corporation operates as a natural gas production company in the United States.
On June 19, 2017, EQT Corporation (NYSE:EQT) and Rice Energy Inc. (NYSE:RICE) announce that they have entered into an merger agreement under which EQT Corporartion acquired all of the outstanding shares of Rice Energy Inc common stock for total consideration of approximately $6.7 billion – consisting of 0.37 shares of EQT common stock and $5.30 in cash per share of Rice Energy Inc common stock. The value of the transaction, based on EQT's closing stock price as of June 16, 2017, was approximately $27.04 per Rice Energy share.
EQT Corporation claimed that as a result, the merger would result in $2.5 billion in synergies, including $100 million in cost savings in 2018 alone.
After the closing in November 2017, EQT Corporation continued to tout the "significant operational synergies" of the merger.
On March 15, 2018, just five months after the acquisition closed, EQT Corporation announced the sudden and unexpected resignation of its CEO.
Then, on October 25, 2018, EQT Corporation reported its third-quarter financial results caused by an increase in total costs, and disclosed that its estimated capital expenditures for well development in 2018 would increase by $300 million. As a result, the Company reduced its full-year forecast for 2018.
Shares of EQT Corporation (NYSE:EQT) declined from $41.23 per share in late 2016 to as low as $14.28 per share on June 25, 2019.
The plaintiff claims that the Defendants falsely stated that EQT's acquisition of Rice, a rival gas producer, would yield billions of dollars in synergies based on purported operational benefits.
The plaintiff alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a), and SEC Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5, on behalf of investors who purchased EQT's common stock between June 19, 2017 and October 24, 2018. Furthermore, the plaintiff alleges violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, 15 U.S.C. §§ 77k, 77l, and 77o, on behalf of all persons who purchased or otherwise acquired EQT common stock in exchange for their shares of Rice common stock in the Acquisition.
Those who purchased shares of EQT Corporation (NYSE: EQT) have certain options and should contact the Shareholders Foundation.
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