RANGE RESOURCES CORPORATION SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Range Resources Corporation
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Range Resources Corporation (NYSE: RRC) between April 29, 2016 and February 10, 2021. The lawsuit seeks to recover Range Resources Corporation’s shareholders’ investment losses.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Range Resources Corporation (“Range Resources” or the “Company”) (NYSE: RRC) from April 29, 2016 through February 10, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Western District of Pennsylvania alleges violations of the Securities Exchange Act of 1934.
The complaint alleges that during the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Range Resources had improperly designated the status of its wells in Pennsylvania since at least 2013; (ii) the foregoing conduct subjected the Company to a heightened risk of regulatory investigation and enforcement, as well as artificially decreased the Company’s periodically reported cost estimates to plug and abandon its wells; (iii) the Company was the subject of a DEP investigation from sometime between September 2017 to January 2021 for improperly designating the status of its wells; (iv) the DEP investigation foreseeably would and ultimately did lead to the Company incurring regulatory fines; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On February 10, 2021, prior to the close of the trading session, the DEP issued a press release announcing the payment of a $294,000 civil penalty by Range Resources to the agency for the Company’s violations of the 2012 Oil and Gas Act. The DEP had launched an investigation of the Company after finding conflicting and inaccurate information regarding the status of a Company well in Fayette County, Pennsylvania. After subpoenaing the Company for information about its wells, DEP found that “between Tuesday, July 16, 2013, and Wednesday, October 11, 2017, 42 of Range Resources’ conventional wells were placed on inactive status but were never used again” and that several of the Company’s wells had not been used for “12 months at the time Range Resources submitted its applications for inactive status, even though “after 12 consecutive months of no productive, the well would be classified as abandoned and must be plugged.” The Company ultimately had to plug the wells identified by DEP as having no viable future use to remediate the issue.
On this news, Range Resources’ stock price fell $0.62 per share, or 6.08%, to close at $9.57 per share on February 11, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than May 3, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Matthew E. Guarnero
Bernstein Liebhard LLP