Hey guys, if you missed it, EQT Corp has just agreed to pay $167.5M to investors over the Whole Rice Energy scandal, and the agreement has already been submitted to the court for final approval.
Quick recap: In 2017, EQT promoted its acquisition of Rice Energy as a move that would bring major operational efficiencies and financial gains. But after two years, no results seem to have happened.
So, as operational results lagged behind those promises, $EQT dropped sharply, and investors filed a lawsuit.
The good news is that now, EQT has finally agreed to settle and pay $167.5M to investors for their losses. So if you got hit by this, you can check if you’re eligible for payment.
Anyways, did you know about these financial issues? And has anyone here bought $EQT back then? How much were your losses if so?
Source: Financial-Stick-8500
1 Comment
I worked with Rice and EQT in the early shale boom. Rice was clearly NOT a serious company, despite rapidly developing their assets. I was an “operations consultant” that structured governance and operational policy for firms. Rice was embarrassingly weak and much smaller than most people might think in terms of headcount.
Comparing these companies to Shell and Chevron operating in the Marcellus was rather bewildering. That said, the land operation at EQT was top notch.