Southwestern Energy Company (NYSE:SWN) Investo Lawsuit Alleges Securities Laws Violations

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Company Name(s): 
Southwestern Energy
Case Name: 
Southwestern Energy Shareholder Class Action Lawsuit 11/10/2016
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: SWN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/10/2016
Summary: 

November 10, 2016 (Shareholders Foundation) - An investor in Southwestern Energy Company (NYSE:SWN) shares filed a lawsuit in Texas over alleged securities laws violations against Southwestern Energy Company and certain underwriters of the company's January 15, 2015, convertible preferred stock offering.

On January 15, 2015, Southwestern Energy Company sold 30 million depositary shares at a price of $50.00 per share.

The plaintiff alleges that the Offering and Registration Statement issued pursuant to the offering contained untrue statements and omitted material information. The plaintiff claims that the company failed to disclose that it was experiencing severe liquidity and debt issues that threatened its ability to continue its drilling activities.

On January 21, 2016, Southwestern Energy Company revealed it would cut 1,100 positions.

On February 25, 2016, Southwestern Energy Company announced it would “temporarily halt its drilling activities…”

On April 28, 2016, a class action was filed against Southwestern Energy Company alleging that it was shortchanging natural gas drilling rights holders.

On June 9, 2016, Southwestern Energy Company announced it had sold 55,000 net acres of land in West Virginia in order to reduce the principal balance of its term loan.