Investigation
LegalZoom.com, Inc. (LZ)
Whether directors and officers of LegalZoom.com, Inc. (LZ) breached their fiduciary duties to the company and its shareholders.
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Investigation
03/04/2021
Initial Lawsuit
03/04/2021
Lawsuit Progression
06/16/2021
Dismissal
03/31/2022
Plaintiff brings this securities against all persons and entities other than Defendants that purchased or otherwise acquired Range Resources common stock between April 29, 2016 and February 10, 2021, both dates inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) Range Resources had improperly designated the status of its wells in Pennsylvania since at least 2013;
(ii) the foregoing conduct subjected the Company to a heightened risk of regulatory investigation and enforcement, as well as artificially decreased the Company’s periodically reported cost estimates to plug and abandon its wells;
(iii) the Company was the subject of a DEP investigation from sometime between September 2017 to January 2021 for improperly designating the status of its wells;
(iv) the DEP investigation foreseeably would and ultimately did lead to the Company incurring regulatory fines; and
(v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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