The investigation focuses on whether the Company’s Board of Directors and/or officers breached their fiduciary duties.
It is alleged that Cabot has continuously violated state and federal environmental laws and regulations. As a result, the Company has been a target of many lawsuits relating to its contamination of water supplies and in June 2020, the Pennsylvania Attorney General filed 15 criminal charges against Cabot alleging pollution of water supplies. Cabot allegedly intentionally avoided water testing to prevent creating a record that would show proof of contamination.
The Board’s failures to address their faulty environmental practices has caused and will continue to cause the Company great reputational and financial harm. Viable claims may exist against Cabot’s Board for breaches of their fiduciary duties and violations of federal securities laws.
Current long-term Cabot shareholders have standing to seek corporate governance reforms, and possibly the return of funds back to company coffers and a court approved incentive award if appropriate.
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