Bernstein Litowitz Berger & Grossmann LLP and Cohen Milstein Sellers & Toll PLLC will lead a proposed stockholder class action against EQT Corp. over the company's alleged misrepresentations to investors about the benefits of its 2017 merger with Rice Energy, a Pennsylvania federal magistrate judge said Thursday.
Bernstein Litowitz and Cohen Milstein will jointly represent the Government of Guam Retirement Fund, the Northeast Carpenters Annuity Fund and the Northeast Carpenters Pension Fund, which said they collectively lost $2.17 million when EQT stock took a 13% dive after longer horizontal gas wells and operating efficiencies from the EQT-Rice merger failed to materialize in the company's earnings.
U.S. Magistrate Judge Maureen P. Kelly appointed the retirees from Guam and the Northeast Carpenters as the lead plaintiffs, and recaptioned the case with Thursday's order. Pittsburgh-based Weiss Burkardt Kramer LLC will be local counsel, the plaintiffs' filings said.
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