NEW YORK,
June 20, 2017
/PRNewswire/ -- WeissLaw LLP is investigating possible
breaches of fiduciary duty and other violations of law by the Board
of Directors of Rice Energy Inc. ("RICE" or the "Company") (NYSE:
RICE) in connection with the proposed acquisition of the Company by
EQT Corporation ("EQT") (NYSE: EQT). Under the terms of the
agreement, the Company's shareholders will receive $5.30 in cash and 0.37 of a share of EQT for each
share of RICE they own, representing consideration of $25.09 based on EQT's June
19 closing price.
WeissLaw is investigating whether RICE's Board acted to
maximize shareholder value prior to entering into the
agreement. Notably, at least one analyst set a target price
of $40.00 per share, or approximately
$15.00 greater than EQT's per-share
consideration. In addition, RICE shares traded above the
per-share consideration as recently as December of last year,
peaking in September when they traded at $29.36. Further, the Company recently
announced positive financial results in the first quarter of
2017. It reported an 11% period-over-period increase in net
production, and a remarkable 21% period-over-period growth in
adjusted EBITDAX. In its May 4,
2017 earnings call, the Company's CEO further underscored
RICE's successful quarter when he highlighted that the Company
achieved record production, gathered record volumes through its
midstream systems, and exited the quarter with an impressive
$1.9 billion of liquidity.
Given these facts, WeissLaw is investigating whether
RICE's Board acted in the best interests of RICE's public
shareholders to maximize shareholder value prior to entering into
the agreement. If you own RICE shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class
and derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or visit our
website,
http://www.weisslawllp.com/rice-energy-inc/
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-alert--weisslaw-llp-investigates-the-acquisition-of-rice-energy-inc-300476965.html
SOURCE WeissLaw LLP