The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action. Because this website is just a summary, you should review the Notice for additional details.
ATTENTION ALL CLASS MEMBERS: The Settlement Hearing has been reset for October 28, 2024 at 02:00 PM in Courtroom 11B before Judge Lee H Rosenthal, at the United States District Court for the Southern District of Texas, Bob Casey United States Courthouse, 515 Rusk Street, Houston, TX 77002.
Summary of the Action and Settlement
This website relates to a proposed Settlement of a class action lawsuit (“Litigation”) brought by Delaware County Employees Retirement System and Iron Workers District Council (Philadelphia and Vicinity) Retirement and Pension Plan (together, “Plaintiffs”), alleging that Cabot Oil & Gas Corporation (“Cabot”), Dan O. Dinges, and Scott C. Schroeder (“Individual Defendants” and, collectively with Cabot, “Defendants”) violated the federal securities laws by making false statements and omissions of material facts during the Class Period (i.e., the period between February 22, 2016, and June 12, 2020, inclusive) which had the effect of artificially inflating the prices of Cabot common stock. Defendants deny all claims and contentions of wrongdoing alleged in the Litigation.
The Court has not decided in favor of Defendants or Plaintiffs. Instead, both sides have agreed to a settlement of the Litigation for $40 million in cash (“Settlement”) for the benefit of the Class. On October 28, 2024, the Court will hold a Settlement Hearing to consider final approval of the Settlement and related matters.
If you are a member of the Class, you are subject to the Settlement. The Class consists of:
All persons or entities who purchased or otherwise acquired Cabot common stock between February 22, 2016, and June 12, 2020, inclusive, and were damaged thereby.
Excluded from the Class are: (1) Defendants; (2) any directors and officers of Cabot during the Class Period and members of their immediate families; (3) the subsidiaries, parents, and affiliates of Cabot; (4) any firm, trust, corporation, or other entity in which Defendants have or had a controlling interest; and (5) the legal representatives, heirs, successors, and assigns of any such excluded party. Also excluded from the Class is any person or entity who properly excludes himself, herself, itself, or themselves from the Class by submitting a valid and timely request for exclusion.
Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the Important Documents and File a Claim tabs at the top of this page.
Payments to eligible claimants will be made only if the Court approves the Settlement and Plan of Allocation, after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
| YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT: |
| SUBMIT A PROOF OF CLAIM |
The only way to be eligible to receive a payment from the Settlement. Proofs of Claim must be postmarked or submitted online on or before October 16, 2024. |
| EXCLUDE YOURSELF FROM THE CLASS |
Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Defendant Parties about the legal claims being resolved by this Settlement. Should you elect to exclude yourself from the Class you should understand that Defendants and the other Released Defendant Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose. Requests for exclusion must be postmarked or received on or before October 3, 2024. |
| OBJECT |
Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. You will still be a Member of the Class. Objections must be received on or before October 3, 2024. If you submit a written objection, you may (but do not have to) attend the Settlement Hearing. |
| GO TO THE SETTLEMENT HEARING ON OCTOBER 28, 2024 |
Ask to speak in Court about the fairness of the Settlement, the Plan of Allocation, and/or request for attorneys’ fees and expenses. Requests to speak at the Settlement Hearing must be received by the Court and counsel on or before October 3, 2024. |
| DO NOTHING |
Receive no payment. You will, however, still be a Member of the Class, which means that you give up your right to ever be part of any other lawsuit against Defendants or any other Released Defendant Parties about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation. |
How do I obtain more information?
Detailed information about the Settlement is contained in the Notice and the documents on the Important Documents tab at the top of this page. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-877-495-5094, by emailing info@CabotOilSecuritiesLitigation.com, or by mailing a letter to:
Cabot Oil Securities Litigation
Claims Administrator
c/o JND Legal Administration
P.O. Box 91217
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.
© JND Legal Administration. All rights reserved.
