COG.US
id: 1213
Cabot Oil & Gas (COG) Investor Settlement
S.D. Texas
Court4:21-cv-02045
Case number22 Feb 2016
Class period Start12 Jun 2020
Class period End16 Oct 2024
Claim deadlineCabot 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 Claims
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.16
Filing date
13 August 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
24 October 2024
Exclusion deadline
03 October 2024
Objection deadline
03 October 2024
Hearing deadline
03 October 2024
Attorney fee
$15,082,000
Trades matching type
FIFO
+$40,000,000
Cash Settlement Amount