Judge Allows Class Action Against EQT/Rice 2017 Merger to Proceed

In June 2019 the Cambridge (Massachusetts) Retirement System sued EQT claiming EQT’s executives had made false and misleading statements about their 2017 purchase of Rice Energy–claims about cost efficiencies that never materialized, and claims about the location of Rice leases that were not as close to EQT’s acreage as claimed (see Mass. Retirement Fund Sues EQT for Plummeting Stock Price). In a word, Cambridge alleged fraud on the part of EQT’s executives and seeks to turn their lawsuit into a class action on behalf of all investors who owned EQT stock at that time.

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