COG.US

id: 1213

Cabot Oil & Gas (COG) Investor Settlement

Late claims are being considered for compensation, subject to approval.

S.D. Texas

Court

4:21-cv-02045

Case number

02/22/2016

Class period Start

06/12/2020

Class period End

10/16/2024

Claim deadline

Cabot Oil & Gas reached an agreement with $COG investors to settle claims related to the poor environmental controls, which caused water pollution in Pennsylvania.

Case details:

In July 2019, Cabot Oil shared in its quarterly report to the SEC that it got two offers to settle issues from 2017. These issues were related to gas migration into groundwater in Pennsylvania's Susquehanna County.

After this news, $COG fell 12%.

In June 2020, the Pennsylvania Attorney General charged Cabot Oil with 15 criminal counts because they failed to fix their gas wells properly, which led to gas getting into Pennsylvania's water. 

Due to this news, $COG declined more than 3% the same day.

Based on these events, Cabot Oil and its leaders were accused of the following details:
Cabot had inadequate environmental controls and failed to address known issues.
This led to pollution of Pennsylvania's water due to gas migration.
Cabot reached an agreement with $COG investors to settle claims related to the poor environmental controls, which caused water pollution in Pennsylvania

Case Status

Accepting Late Claims

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.16

Filing date

08/13/2020

Plaintiffs

Delaware County Employees Retirement System

Attorneys

Kendall Law Group, PLLC, Kessler Topaz Meltzer & Check LLP, Robbins Geller Rudman & Dowd LLP

Defendants

Dan O. Dinges, Scott C. Schroeder, Phil L. Stalnaker

Judge

Hon. Andrew S Hanen

Administrator

JND Legal Administration

Settlement agreement date

2024-06-03

Court hearing date

10/24/2024

Exclusion deadline

10/03/2024

Objection deadline

10/03/2024

Hearing deadline

10/03/2024

Attorney fee

$15,082,000

Trades matching type

FIFO

+$40,000,000

Cash Settlement Amount

Frequently Asked Questions

Do I have to sell securities to be eligible?

How long does the payout process take?

What is 11thestate?