$18.75 Million Securities Settlement Against Rice Energy Inc.

PHILADELPHIA, PA– Berger Montague obtained an $18.75 million settlement with a natural gas and oil company, Rice Energy Inc., acting as lead Class Counsel on behalf of a class of certain of the company’s convertible debenture investors. The settlement arises from a securities class action brought in Pennsylvania state court in Pittsburgh for common law breach of contract and unjust enrichment, along with a novel claim for violation of the Pennsylvania Unfair Trade Practices and Consumer Protection Law (“UTPCPL”). The plaintiffs alleged that the defendants intentionally withheld material information in violation of their contractual and statutory obligations to certain debenture holders of Rice Drilling B LLC. Plaintiffs alleged that defendants concealed a planned IPO and that the information withheld was material and induced investors to exercise their put options and forfeit potential equity in Rice Energy as a public company.

“The settlement is an excellent result for the debenture investors and provides a very substantial recovery for those investors,” said Sherrie R. Savett, Chairperson of Berger Montague. “The settlement is the result of Plaintiffs’ perseverance and dedication in a hard-fought battle spanning eight years, and we are honored to have led that fight,” added Lane L. Vines, a Senior Counsel of Berger Montague.

For more information on the litigation, visit our settlement page: https://ricedebenturesettlement.com and our case page.

Berger Montague is one of the nation’s preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. The firm is active in the fields of antitrust, commercial litigation, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For more than 50 years, Berger Montague has played lead roles in precedent-setting cases and has recovered over $60 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, Washington, D.C., and Wilmington, DE.

Meet The Team

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Sherrie R. Savett

Executive Shareholder

• ssavett@bm.net
• 215-875-3071

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Lane L. Vines

Senior Counsel

• lvines@bm.net
• 215-875-4658

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Barbara A. Podell

Shareholder

• bpodell@bm.net
• 215-528-8251