RANGE RESOURCES ALERT: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Range Resources Corporation and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces a class action lawsuit has been filed in the U.S. District Court for the Western District of Pennsylvania on behalf of investors who bought Range Resources Corporation (NYSE) : RRC) common stock between April 29, 2016 and February 10, 2021 inclusive (the “Class Period”). Investors have until May 3, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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Range Resources is an independent natural gas, liquid natural gas (“NGL”) and oil company in the United States. The company and its subsidiary Range Resources – Appalachia, LLC are engaged in the exploration, development and acquisition of natural gas and natural gas oil reserves in Fayette County, Pennsylvania, among others. As of December 31, 2019, the Company reportedly owned and operated 1,272 net producing wells in the Appalachian Mountains, including Pennsylvania. The Pennsylvania Department of the Environment (“DEP”) enforces regulations for the correct determination of the status of a well.
On February 10, 2021, the DEP issued a press release announcing 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. The DEP began investigating the company after the agency found conflicting and inaccurate information about the status of a corporate well in Fayette County, Pennsylvania – specifically, whether the well was correctly classified as inactive for the purposes of DEP regulation. Upon submitting a subpoena to Range Resources for information on other wells that the Company had identified as inactive, DEP determined that “Between July 16, 2013 and October 11, 2017, 42 of Range Resources’ conventional wells were inactivated, this however, they have never been re-used “and that some of the Company’s” wells have been inactive for 12 months at the time Range Resources submitted its inactive status requests “despite” having been deemed abandoned after 12 consecutive months of inactivity. ” would and must be plugged in. “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.
The following day, Range Resources stock price fell $ 0.62 per share, or 6.08%, from the closing price on February 10, 2021 to $ 9.57 per share on February 11, 2021.
The complaint, filed on March 4, 2021, alleges that throughout the class period, defendants made materially false and misleading statements about the company’s business, operational, and compliance policies. In particular, the Defendants made false and / or misleading statements and / or did not disclose that: (i) Range Resources had not properly reported the status of its Pennsylvania wells since at least 2013; (ii) the foregoing conduct placed the Company at increased risk of regulatory investigations and enforcement actions and artificially reduced the Company’s periodically reported cost estimates to plug and abandon its wells; (iii) the Company was the subject of a DEP investigation between September 2017 and January 2021 for incorrectly determining the status of its wells; (iv) the DEP investigation would predictably and ultimately lead to regulatory fines being imposed on the company; and (v) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
If you have purchased Range Resources common stock during the class period and have suffered a loss, are a long-term shareholder, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to these circumstances, please contact please email Brandon Walker, Melissa Fortunato, or Marion Passmore by emailing email@example.com, by calling (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.