Recent Securities Litigations
EQT Corporation Common Stock (NYSE: EQT)
According to the complaint, EQT deliberately misled Plaintiffs about what they could accomplish with their expanded acreage. Thus, Defendants represented that the Acquisition would allow them to increase the number of wells with long well bores—in particular, that they could drill 1,200 wells each with 12,000 feet of horizontal length—when they knew that the newly combined property was not capable of sustaining such a drilling program. Defendants also misstated the extent of what their cost savings would be, asserting that the efficiencies of the Acquisition would enable them to achieve “base” synergies of $2.5 billion, with total synergies reaching $7.5 billion, while no such savings were remotely achievable given EQT’s high-cost operations.