According to the Complaint, Montage Resources Corporation is an exploration and production company with approximately 195,000 net effective core undeveloped acres currently focused on the Utica and Marcellus Shales of Southeast Ohio, West Virginia, and North Central Pennsylvania.

This action stems from a proposed transaction announced on August 12, 2020, pursuant to which Montage Resources Corporation will be acquired by Southwestern Energy Company.

On August 12, 2020, Montage’s Board of Directors caused the Company to enter into an agreement and plan of merger with Southwestern. Pursuant to the terms of the Merger Agreement, Montage’s stockholders will receive 1.8656 shares of Southwestern common stock for each share of Montage common stock they own.

On September 16, 2020, Defendants filed a Form S-4 Registration Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Registration Statement omits material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading.