National Fuel Gas Company Securities Lawsuit Investigation

Shamis & Gentile P.A., a law firm that advocates for investors who are victims of securities fraud, is investigating potential claims against National Fuel Gas Company (NFG).

Long-term shareholders of National Fuel Gas may be able to seek corporate reforms, the return of funds back to the Company, and a court-approved incentive award for yourself, all at absolutely no cost.

About National Fuel Gas

National Fuel Gas ("National Fuel") is an integrated natural gas utility incorporated in New Jersey and headquartered in Williamsville, New York. The company operates through four main segments: Exploration & Production, Pipeline & Storage, Gathering, and Utility.

Its Exploration & Production operations are managed by Seneca Resources Company, LLC, a Pennsylvania-based subsidiary focused on oil and gas development in the Appalachian Basin.

What's Being Investigated

The investigation focuses on allegations that National Fuel and its subsidiary, Seneca Resources, failed to properly oversee environmental compliance related to fracking-wastewater spills in Pennsylvania.

On October 30, 2025, the Commonwealth of Pennsylvania filed criminal charges against the company, alleging 100 violations of state environmental laws tied to these incidents. Prosecutors contend that the company’s operations caused contamination of drinking water and pollution of ground and surface water across eight counties.

The Pennsylvania Attorney General also alleges that National Fuel failed to take corrective action after receiving warnings from the Department of Environmental Protection (DEP).

Lawyers are investigating whether National Fuel’s board of directors and senior officers failed to maintain adequate oversight of environmental and safety compliance systems, including monitoring of mission-critical risks and escalation of regulatory red flags.

Why Investors May Be Concerned

The investigation may focus on potential gaps in National Fuel’s environmental and regulatory oversight systems, including how the board and senior officers monitored compliance risks.

Lawyers are also examining management’s handling of warnings from the Pennsylvania Department of Environmental Protection (DEP) and assessing if those events raise issues under New Jersey fiduciary-duty standards.

Attorneys are further evaluating the accuracy of the company’s proxy disclosures regarding the strength of its compliance and oversight controls.

Your Rights and Next Steps

This is an active investigation into potential breaches of fiduciary duty and oversight failures at National Fuel. Long-term National Fuel shareholders may have important rights.

Potential next steps may include:

• Participating in a shareholder action to recover losses or pursue governance reforms on behalf of the Company.
• Monitoring developments in the Pennsylvania Attorney General’s criminal case and related regulatory actions.

What Shareholders Can Do

Securities investigations are time-sensitive. Long-term shareholders of National Fuel securities may be eligible to seek corporate reforms, the return of funds back to the Company, and a court-approved incentive award for yourself, all at absolutely no cost.

To protect your rights and join the investigation, please complete the form below.