***IMPORTANT CASE UPDATE***

On January 12, 2024 settlement checks were mailed to all Authorized Claimants. Please contact the Claims Administrator with any questions regarding your payment or claim.

The information contained on this web page is only a summary of information presented in more detail in the Notice of Proposed Settlement of Class Action (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act.

 Please read the Notice carefully.

 IF YOU PURCHASED OR OTHERWISE ACQUIRED SOUTHWESTERN ENERGY COMPANY DEPOSITARY SHARES PURSUANT OR TRACEABLE TO THE COMPANY’S JANUARY 16, 2015, REGISTRATION STATEMENT, AND WERE ALLEGEDLY DAMAGED THEREBY YOU MAY BE A CLASS MEMBER.

The Settlement Hearing

The Court will hold a remote Settlement Fairness Hearing on October 21, 2021, at 1:00 p.m., before the Honorable Fredericka Phillips at the 61st Judicial District Court of Harris County, Texas, 201 Caroline Street, 9th Floor, Houston, Texas 77002 for the purpose of determining whether: (i) the Settlement, as set forth in the Stipulation, for $7,000,000 in cash should be approved by the Court as fair, reasonable, and adequate; (ii) Judgment, as provided under the Stipulation, should be entered; (iii) to award Plaintiff’s Counsel attorneys’ fees and expenses out of the Settlement Fund and, if so, in what amount; (iv) to pay Plaintiff out of the Settlement Fund for its efforts in representing the Class and, if so, in what amount; and (v) the Plan of Allocation should be approved by the Court.  Details about how to access the Settlement Fairness Hearing will be posted on this website available.  Any updates and/or changes to the scheduling of the Settlement Fairness Hearing will be posted here as well.  The Court may adjourn or continue the Settlement Fairness Hearing without further notice to members of the Settlement Class.

What is this case about?

Southwestern explores for, develops, and produces certain commodities.  On January 15, 2015, the Company announced an offering of 34,500,000 Depositary Shares, each of which represented a 1/20th interest in a share of Southwestern’s 6.25% Series B Mandatory Convertible Preferred Stock, at a price of $50 per depositary share, for proceeds of approximately $1.725 billion (“Offering”).  Southwestern issued a registration statement in connection with the Offering on January 16, 2015 (the “Registration Statement”).  The Offering closed on January 21, 2015.  The Offering’s proceeds were to be used to help repay an approximately $5 billion loan to fund Southwestern’s purchase of 400,000 acres in Appalachia from Chesapeake Energy Corporation (the “Acquisition”).  Plaintiff alleged that some or all Defendants violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 (the “Securities Act”) by reason of material untrue statements and omissions in the Company’s Registration Statement, issued in connection with the Offering.  Specifically, Plaintiff alleged that the Registration Statement omitted that the fair value of the reserve estimates of the Chesapeake property had declined by over $1 billion between June 30, 2014, and the close of the Acquisition on December 22, 2014.  Plaintiff also alleged that up until December 2014, the majority of Southwestern’s revenues came from its extraction of dry natural gas from shale in a field in Fayetteville, Arkansas (“Fayetteville Property”).  Defendants allegedly failed to disclose in the Registration Statement that by 2014, the Fayetteville Property no longer had economically recoverable reserves.   

THE COURT HAS NOT RULED AS TO WHETHER DEFENDANTS ARE LIABLE TO PLAINTIFF OR THE SETTLEMENT CLASS.  THIS NOTICE IS NOT INTENDED TO BE AN EXPRESSION OF ANY OPINION BY THE COURT WITH RESPECT TO THE TRUTH OF THE ALLEGATIONS IN THE LITIGATION OR THE MERITS OF THE CLAIMS OR DEFENSES ASSERTED.  THIS NOTICE IS SOLELY TO ADVISE YOU OF THE PROPOSED SETTLEMENT OF THE LITIGATION AND YOUR RIGHTS IN CONNECTION WITH THAT SETTLEMENT.

The Settlement Benefits

At this time, it is not possible to make any determination as to how much any individual Settlement Class member may receive from the Settlement.

The Settlement, if approved, will result in the creation of a cash settlement fund of $7,000,000 (the “Settlement Amount”).  The Settlement Amount, plus accrued interest and minus the costs of this Notice and all costs associated with the administration of the Settlement Fund, as well as attorneys’ fees and expenses, and the award to Plaintiff for representing the Settlement Class, as approved by the Court (the “Net Settlement Fund”), will be distributed to eligible Class Members pursuant to the Plan of Allocation described in the Notice. 

Further Information

This website and the Notice summarize the Settlement.  For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Plaintiff’s Counsel for further information regarding the Settlement:

Claims Administrator:

Southwestern Securities Litigation Settlement

c/o A.B. Data, Ltd.

PO Box 173134

Milwaukee, WI  53217

(877) 777-9159

info@

Plaintiff’s Counsel:

David R. Scott, Esq.

Amanda Lawrence, Esq.

Randy L. Moonan, Esq.

SCOTT+SCOTT ATTORNEYS AT LAW LLP

The Helmsley Building

230 Park Avenue, 17th Floor

New York, NY 10169

Telephone: (646) 571-0608