GlobeNewswire Inc | Aug 14, 2020 04:16PM EDT

August 14, 2020

NEW YORK, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Cabot Oil & Gas Corporation (Cabot Oil or the Company) (NYSE: COG) in the United States District Court for the Southern District of Texas on behalf of those who purchased or acquired the securities of Cabot Oil between October 23, 2015, and June 12, 2020, inclusive (the Class Period). The lawsuit seeks to recover damages for Cabot Oil investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Cabot Oil had inadequate environmental controls and procedures and/or failed to properly mitigate known issues related to those controls and procedures; (2) as a result, Cabot Oil failed to fix faulty gas wells, thereby polluting Pennsylvanias water supplies through stray gas migration; (3) the foregoing was foreseeably likely to subject Cabot Oil to increased governmental scrutiny and enforcement, as well as increased reputational and financial harm; (4) Cabot Oil continually downplayed its potential civil and/or criminal liabilities with respect to such environmental matters; and (5) as a result, the Companys public statements were materially false and misleading at all relevant times.

On July 26, 2019, Cabot Oil filed a quarterly report on Form 10-Q with the Securities and Exchange Commission, reporting its financial and operating results for the quarter ended June 30, 2019 (the 2Q19 10-Q). The 2Q19 10-Q disclosed that the Company had received two proposed Consent Order and Agreements related to two Notices of Violation (NOVs) it had received from the Pennsylvania Department of Environmental Protection back in June and November 2017, respectively, for failure to prevent the migration of gas into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania. Following the release of the 2Q19 10-Q, Cabot Oils stock price fell $2.63 per share, or 12.07%, to close at $19.16 per share on July 26, 2019.

Then, on June 15, 2020, following a grand jury investigation, the Pennsylvania attorney generals office charged Cabot Oil with fifteen criminal counts arising from its failure to fix faulty gas wells, thereby polluting Pennsylvanias water supplies through stray gas migration. On this news, Cabot Oils stock price fell $0.67 per share, or 3.34%, to close at $19.40 per share on June 15, 2020.

Investors who purchased or otherwise acquired shares of Cabot Oil during the Class Period should contact the Firm prior to the October 13, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.