Levi & Korsinsky announces the commencement of a class action lawsuit in Texas District Court on behalf of shareholders of Southwestern Energy Company (NYSE: SWN) who purchased shares pursuant and/or traceable to the Company’s Offering and Registration Statement in connection with the Company’s January 15, 2015 convertible preferred stock offering.
The complaint alleges that the Offering and Registration Statement issued pursuant to the offering contained untrue statements and omitted material information. On January 15, 2015, Southwestern sold 30,000,000 depositary shares at a price of $50.00 per share. Then on January 21, 2016, Southwestern revealed it would cut 1,100 positions. Then on February 25, 2016, the Company announced it would “temporarily halt its drilling activities…” Then on April 28, 2016, a class action was filed against Southwestern alleging that it was shortchanging natural gas drilling rights holders. Finally, on June 9, 2016, Southwestern announced it had sold 55,000 net acres of land in West Virginia in order to reduce the principal balance of its term loan. Following these revelations, shares of Southwestern have fallen over 39 percent.
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