Lawsuit filed for Investors in shares of Range Resources Corporation (NYSE: RRC)
Investors who purchased shares of Range Resources Corporation (NYSE: RRC) have certain options and for certain investors are short and strict deadlines running. Deadline: May 3, 2021. NYSE: RRC investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On February 10 and February 11, 2021, media outlets reported that Range Resources Corporation had paid a $294,000 civil penalty after Pennsylvania's Department of Environmental Protection ("DEP") found conflicting and inaccurate information on the status of a Company well in Fayette County-specifically concerning whether the well in question was correctly designated as inactive for the purposes of DEP regulation.
On February 10, 2021, Range Resources Corporation announced that it had paid a $294,000 civil penalty to the agency on January 8, 2021 for violating the 2012 Oil and Gas Act. The Pennsylvania's Department of Environmental Protection ("DEP") had begun investigating the Company after the agency found conflicting and inaccurate information on the status of a Company well in Fayette County, Pennsylvania—specifically concerning whether the well in question was correctly designated as inactive for the purposes of DEP regulation. After subpoenaing Range Resources for information on other wells the Company had requested to designate as inactive, the DEP found that "between Tuesday, July 16, 2013, and Monday, 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 in use for 12 months at the time Range Resources submitted its applications for inactive status," even though "after 12 consecutive months of no production, the well would be classified as abandoned and must be plugged." In addition to paying the DEP's civil penalty, Range Resources was ultimately required to plug the wells the agency identified as having no viable future use to remediate the issue.
The plaintiff claims that between April 29, 2016 and February 10, 2021, the defendants made false and/or misleading statements and failed to disclose to investors that Range Resources had improperly designated the status of its wells in Pennsylvania since at least 2013, that 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, that 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, that the DEP investigation foreseeably would and ultimately did lead to the Company incurring regulatory fines; and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Range Resources Corporation (NYSE: RRC) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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