June 30, 2025
WASHINGTON, D.C. – Cohen Milstein is pleased to announce that public pension fund investors and EQT Corporation have reached an agreement to settle In re EQT Corporation Securities Litigation, a certified securities class action, in its entirety, for a cash payment of $167.5 million.
The settlement agreement, pending court approval, provides a favorable result for investor class members because it provides for a cash recovery and resolves any further litigation. The $167.5 million settlement is particularly significant given that, among other things, it is the largest securities class action recovery ever in the history of the Western District of Pennsylvania and the 14th largest in the history of the Third Circuit.
Plaintiffs and Lead Counsel believe that the Settlement is fair, reasonable, and in the best interests of class members and represents a favorable result.
As court-appointed Co-Lead Counsel, Cohen Milstein represents the lead plaintiff group consisting of the Eastern Atlantic States Carpenters Annuity Fund (f/k/a Northeast Carpenters Annuity Fund), Eastern Atlantic States Carpenters Pension Fund (f/k/a Northeast Carpenters Pension Fund), Government of Guam Retirement Fund, and Cambridge Retirement System.
Background of Case and Settlement
In re EQT Corporation Securities Litigation is a certified securities class action brought against EQT and certain of the company’s current and former senior executives for alleged violations of the Securities Exchange Act of 1934 and Securities Act of 1933, on behalf of the following class:
all persons and entities who: (i) purchased the common stock of EQT Corporation (“EQT”) during the period from June 19, 2017 through June 17, 2019, inclusive (the “Class Period”); (ii) held EQT shares as of the record date of September 25, 2017 and were entitled to vote with respect to the Acquisition at the November 9, 2017 special meeting of EQT shareholders; (iii) held Rice Energy Inc. (“Rice”) shares as of the record date of September 21, 2017 and were entitled to vote with respect to the Acquisition at the November 9, 2017 special meeting of Rice shareholders; and/or (iv) acquired the common stock of EQT in exchange for their shares of Rice common stock in connection with the Acquisition, and were damaged thereby.
The amended complaint alleged that from June 19, 2017 through June 17, 2019, the defendants made materially false or misleading representations and omissions regarding EQT’s drilling performance and capability, as well as the purported benefits of EQT’s acquisition of competing oil and gas company Rice Energy. The alleged false and misleading statements concerned, among other things, the combined company’s ability to drill 1,200 lateral wells at an average lateral length of 12,000 feet, and to realize $2.5 billion in synergies. The complaint asserted that the defendants’ alleged misrepresentations and omissions caused investors to purchase EQT common stock at artificially inflated prices and/or to approve EQT’s proposed acquisition, and to suffer damages when the truth was revealed.
In arriving at this settlement, lead counsel, including Cohen Milstein and Bernstein Litowitz Berger & Grossman LLP, reviewed over 5 million pages of documents, participated in depositions of 33 fact witnesses and 9 expert witnesses, retained and worked with experts on the subjects of damages, loss causation, natural gas drilling, and corporate due diligence, and thoroughly reviewed the applicable facts and law. Furthermore, the Parties extensively briefed motions (i) to dismiss, (ii) for class certification, (iii) for summary judgment, and (iv) to exclude expert opinions and testimony.
During the course of the hard-fought litigation, the court certified the class on August 11, 2022, and on September 23, 2022, the U.S. Court of Appeals for the Third Circuit denied defendants’ petition for interlocutory review of the court’s order granting class certification.
The case team at Cohen Milstein included Steven J. Toll, Daniel S. Sommers, S. Douglas Bunch, Christina D. Saler, Benjamin F. Jackson, and Alexandra Gray.