WAYNE, Pa., Nov. 16, 2016 /PRNewswire/ -- Ryan &
Maniskas, LLP announces that a class action lawsuit has been filed
in United States District Court for the Northern District of
Texas on behalf of all persons or
entities that purchased Exxon Mobil Corporation (NYSE: XOM)
("Exxon" or the "Company") common shares between February 19, 2016 and October 27, 2016, inclusive (the "Class
Period").
Exxon shareholders may, no later than January 6, 2017, move the Court for appointment
as a lead plaintiff of the Class. If you purchased shares of
Exxon and would like to learn more about these claims or if you
wish to discuss these matters and have any questions concerning
this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/xom.
Exxon is an American multinational oil and gas corporation
headquartered in Irving, Texas,
and is the world's largest publicly traded company.
The complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements as it emphasized
its business model and its transparency and reported integrity,
specifically in connection to its oil and gas reserves and the
value of those reserves. Particularly, Exxon's public statements
were materially false and misleading when made as they failed to
disclose: (1) that Exxon's internal reports about climate change
recognized the environmental risks caused by global warming and
climate change; (2) that, Exxon knew the risks associated with
global warming and climate change, and it would not be able to
remove the existing hydrocarbon reserves the Company claimed to
have and, therefore, a material portion of Exxon's reserves were
stranded and should have been written down; and (3) that 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. As a result of the Company's hyped-up
statements, Exxon stock traded at artificially inflated prices,
reaching a high during the Class Period of over $95 per share. The rating agencies also upheld
Exxon's AAA debt rating – the highest – allowing Exxon to sell
$12 billion of corporate debt at
extremely favorable rates throughout the Class Period.
Between August through September
2016, several news sources reported that federal regulators
were looking into Exxon's reserve accounting in regards to climate
change and global warming, and the Company's lack of documentation
of any of its oil and gas reserves in the face of declining global
oil prices. Following these news reports, Exxon stock dropped to
$82.54 per share on September 20, 2016, or over 13% from the Exxon's
Class Period high. Then on October 28,
2016, pre-market, Exxon announced its financial results for
the quarter ended September 30, 2016.
In it, Exxon revealed that it may be forced to document close to
20% of its oil and gas assets. Following this news, Exxon stock
dropped over $2 per share on
October 28, 2016, on unusually high
trading volume.
If you are a member of the class, you may, no later than
January 6, 2017, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
For more information regarding this, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas,
Esquire) toll-free at (877) 316-3218 or by email at
rmaniskas@rmclasslaw.com or visit:
www.rmclasslaw.com/cases/xom. For more
information about class action cases in general or to learn more
about Ryan & Maniskas, LLP, please visit our website:
www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old
Eagle School Rd., Suite 311
Wayne, PA
19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/xom
rmaniskas@rmclasslaw.com
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