oreide Law Group has been contacted by investors who have suffered losses due to the recommendation of their broker/dealers in Cabot Oil & Gas Corporation (NYSE: COG).
Cabot Oil & Gas 52 week range: 13.06 – 24.44
According to Yahoo Finance, Cabot Oil & Gas Corporation, is an independent oil and gas company, explores for, exploits, develops, produces, and markets oil and gas properties in the United States. Cabot Oil & Gas Corporation primarily focuses on the Marcellus Shale with approximately 173,000 net acres in the dry gas window of the play located in Susquehanna County, Pennsylvania. The company sells its natural gas to industrial customers, local distribution companies, gas marketers, and power generation facilities through gathering systems and pipelines. As of December 31, 2019, it had proved reserves of approximately 12,903 billion cubic feet of gas; and 22 thousand barrels of oil or other liquid hydrocarbons. Cabot Oil & Gas Corporation was incorporated in 1989 and is headquartered in Houston, Texas.
On June 15, 2020, according to news reports, Cabot Oil & Gas Corporation (COG) was charged with environmental crimes in Pennsylvania by the state’s Attorney General’s office. According to the Attorney General, Cabot Oil took shortcuts that interrupted the law, damaged the state’s environment, affected water supplies and endangered Pennsylvanians. The two-year Grand Jury investigation into contamination of the surroundings by natural gas wells that Cabot Oil had fracked in Dimock Township, Susquehanna County, starting in 2006 or 2007, and exposed that Cabot’s fracking activities were accountable for methane emissions in the local water supply. Several residents of Dimock are suffering this environmental disaster. COG claimed that methane existed in the local aquifer prior to its operations.
According to news reports, the state’s grand jury in conjunction with the 43rd Statewide Grand Jury, holds Cabot Oil & Gas Corporation guilty of 15 criminal offences of which, seven are pertaining to discharge of industrial wastes, seven on other pollutions and one unlawful conduct under the Clean Streams Law. The maximum penalty is a fine between $25,000 and $50,000.
Stock prices fell after the news, and today the stock is trading at or around $18.75.
Oil and gas stocks can be very risky, especially to clients with low to moderate risk tolerance in their portfolios. Your broker has an obligation to explain these risks to you before you invest. This can be devastating to clients’ irreplaceable retirement funds.
If your broker/dealer or financial advisor recommended purchasing Cabot Oil & Gas Corporation (NYSE: COG) and you’ve suffered financial losses, contact Soreide Law Group and speak to a lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.