Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Cabot Oil & Gas Corporation (NYSE: COG).
On February 22, 2016 the Company disclosed in its 10-K report that it had received a “proposed Consent Order and Agreement from the Pennsylvania Department of Environmental Protection (PaDEP) relating to gas migration allegations in an area surrounding several wells owned and operated by us in Susquehanna County, Pennsylvania.”
Then, on February 27, 2017, the Company disclosed that it had “entered into a Consent Order and Agreement with the PaDEP on December 30, 2016” and agreed to pay a “civil monetary penalty in the amount of approximately $0.3 million and . . . additional monitoring will be required to ensure the source of methane has been remediated.”
Finally, on June 15, 2020, the Pennsylvania Attorney General announced fifteen criminal counts against the Company, including nine felonies, following recommendations from a grand jury investigation that noted the Company’s “long-term indifference” to pollution damage to water supplies caused by its faulty gas wells.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether Cabot’s officers and/or directors breached their fiduciary duties to Cabot’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Microchip shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or fill out the form on this page.