An investor in Rice Energy Inc. on Wednesday sued in Delaware federal court to halt the oil and gas driller’s planned $6.7 billion sale to EQT Corp., saying shareholders do not have enough information to vote on a deal that would create one of the top shale energy producers in Western Pennsylvania.
In the proposed class action, Patrick Gordon accused Rice of misleading stockholders last month in a filing with the U.S. Securities and Exchange Commission related to the stock-and-cash merger. The filing, he said, lacked important details regarding the company’s financial projections and the valuation analyses its financial adviser, Barclays Capital Inc., used in crafting its fairness opinion.
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