Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Range Resources Corporation (RRC)
BENSALEM, Pa .– (BUSINESS WIRE) – Howard G. Smith’s law firms are reminding investors of the upcoming May 3, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors representing Range Resources Corporation (“Range Resources” or the “Company”). (NYSE: RRC) common stock between April 29, 2016 and February 10, 2021 (including the “Class Period”).
Investors suffering losses on their Range Resources investments are encouraged to contact the Howard G. Smith law firms to exercise their statutory rights in this class action at 888-638-4847 or by emailing howardsmith @ howardsmithlaw. com to discuss.
On February 10, 2021, the Pennsylvania Department of Environmental Protection (“DEP”) announced that Range Resources had paid the agency a civil penalty of $ 294,000 on January 8, 2021 for violating the 2012 Oil and Gas Act. According to the DEP investigation, “between Tuesday, July 16, 2013 and Monday, October 11, 2017, 42 of Range Resources’ conventional wells were inactivated but never re-used,” and some of the “Company’s” wells were at Range Resources at the time not operating for 12 months when Range Resources filed for inactive status, although “after 12 consecutive months of inactivity the well would be deemed abandoned and must be plugged”. In addition to paying the DEP’s civil fine, Range Resources ultimately had to plug the wells which the agency found had no viable future use to correct the problem.
In the news, Range Resource’s share price fell $ 0.62 per share, or 6.08%, to close at $ 9.57 per share on February 11, 2021, hurting investors.
The complaint filed in this class action alleges that throughout the collection period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, business and prospects of the company. In particular, Defendants have failed to advise investors that: (1) Range Resources has not properly reported the status of its Pennsylvania wells for at least 2013; (2) the foregoing behavior exposed the Company to increased risk of regulatory investigations and enforcement actions and artificially reduced the Company’s periodically reported cost estimates to plug and abandon its wells; (3) The Company was the subject of a DEP investigation from September 2017 to January 2021 for incorrectly determining the status of its wells. (4) The DEP investigation would predictably result in regulatory fines being imposed on the company. and (5) as a result, Defendant’s positive statements about the Company’s business, operations and prospects were materially misleading and / or were inadequate at all relevant times.
If you have purchased or otherwise acquired Range Resources securities during the class period, you may request the court no later than May 3, 2021 to request the court to appoint you as the lead plaintiff if you meet certain legal requirements. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action lawsuit, or if you have any questions about this announcement or your rights or interests in relation to these matters, please contact Howard G. Smith, Esquire, of the law firms of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by phone at (215) 638-4847, toll free at (888) 638-4847, or by email at firstname.lastname@example.org, or visit our website at www.howardsmithlaw .com.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.