| CASE CAPTION
||Delaware County Employees Retirement System, et al. v. Cabot Oil & Gas Corporation, et al.
||United States District Court for the Southern District of Texas
| CASE NUMBER
||Honorable Lee H. Rosenthal
||Delaware County Employees Retirement System; Iron Workers District Council (Philadelphia & Vicinity) Retirement and Pension Plan
||Cabot Oil & Gas Corporation (“Cabot” or the “Company”), Dan O. Dinges, Scott C. Schroeder, and Phil L. Stalnaker
| CLASS PERIOD
||October 23, 2015 through June 12, 2020, inclusive
This securities fraud class action case arises out of Defendants’ representations and omissions regarding Cabot’s legal compliance, polluting activities and risk. During the Class Period, Cabot touted its compliance with applicable environmental laws and being a good steward of the environment. Unbeknownst to investors, Cabot’s environmental infractions were so extreme that after a lengthy grand jury investigation Pennsylvania charged Cabot with fifteen crimes, including nine felonies.
Plaintiffs filed a 102-page complaint in April 2021 on behalf of a putative class of investors alleging that Cabot and its CEO Dan O. Dinges, CFO Scott C. Schroeder, and Senior Vice President Phil L. Stalnaker, violated Sections 10(b) and 20(a) of the Securities Exchange Act by making false and misleading statements and concealing material facts about the Company’s ongoing violations of environmental laws and polluting of Pennsylvania’s waters. As alleged, following revelations about Cabot’s legal compliance and subsequent criminal charges, Cabot’s stock price fell precipitously, causing significant losses and damages to the Company’s investors.
On February 11, 2022, Plaintiffs filed an amended complaint, which Defendants moved to dismiss. Plaintiffs filed their opposition brief on April 13, 2022.
Read Consolidated Complaint Here
Read Amended Complaint Here