Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Exxon Mobil Corp. Investors & Encourag...
November 15 2016 - 2:53PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased Exxon Mobil Corporation (“Exxon” or the “Company”)
(NASDAQ: XOM) securities between February 19, 2016 and October
27, 2016, inclusive (the “Class Period”). Exxon investors have
until January 6, 2017 to file a lead plaintiff
motion.
Investors suffering losses on their Exxon investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.com.
The complaint filed in this lawsuit alleges that throughout the
Class Period, Exxon repeatedly highlighted the strength of its
business model and its transparency and reporting integrity,
particularly with regard to its oil and gas reserves and the value
of those reserves. Exxon’s public statements were materially false
and misleading when made as they failed to disclose that: (1)
Exxon’s own internally generated reports concerning climate change
recognized the environmental risks caused by global warming and
climate change; (2) given the risks associated with global warming
and climate change, Exxon would not be able to extract the existing
hydrocarbon reserves Exxon claimed to have and, therefore, a
material portion of Exxon’s reserves were stranded and should have
been written down; and (3) Exxon had employed an inaccurate “price
of carbon” – the cost of regulations such as a carbon tax or a
cap-and-trade system to push down emissions – in evaluating the
value of certain of its future oil and gas prospects in order to
keep the value of its reserves materially overstated. When the true
details entered the market, the lawsuit claims that investors
suffered damages.
If you purchased shares of Exxon during the Class Period you may
move the Court no later than January 6, 2017 to
ask the Court to appoint you as lead plaintiff if you meet certain
legal requirements. To be a member of the Class you need not take
any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you
wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://glancylaw.com. If you inquire by email please include your
mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20161115006658/en/
Glancy Prongay and Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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