Lawsuit for Investors in Exxon Mobil Corporation (NYSE:XOM) shares announced by Shareholders Foundation
November 17 2016 - 10:25AM
The Shareholders Foundation, Inc. announces that a lawsuit was
filed in Texas on behalf of certain purchasers of shares of Exxon
Mobil Corporation (NYSE:XOM) over alleged Securities Laws
Violations by Exxon Mobil.
Investors who purchased shares of Exxon Mobil Corporation
(NYSE:XOM) have certain options and for certain investors there are
short and strict deadlines running. Deadline: January 6, 2017.
(NYSE:XOM) investors should contact the Shareholders Foundation at
mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that Exxon's public statements were
materially false and misleading when made as they failed to
disclose that Exxon's own internally generated reports concerning
climate change recognized the environmental risks caused by global
warming and climate change, that, given the risks associated with
global warming and climate change, the Company 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 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.
The plaintiff claims that through a series of partial
disclosures issued by different news sources between mid-August
2016 and late September 2016, the market learned that federal
regulators were actively scrutinizing Exxon Mobil Corporation's
reserve accounting related to climate change and global warming and
its refusal to write down any of its oil and gas reserves in the
face of declining global oil prices.
On October 28, 2016, Exxon Mobil Corporation announced its
financial results for the quarter ended September 30, 2016. Exxon
Mobil Corporation disclosed that it might be forced to write down
nearly 20% of its oil and gas assets. Specifically, Exxon Mobil
Corporation acknowledged that it might have to write down 3.6
billion barrels of oil sand reserves and one billion barrels of
other North American reserves that Exxon Mobil Corporation now
conceded were not profitable to produce under current prices.
Those who purchased Exxon Mobil Corporation (NYSE:XOM) shares
should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio
legal monitoring and a settlement claim filing service, which does
research related to shareholder issues and informs investors of
securities class actions, settlements, judgments, and other legal
related news to the stock/financial market. The Shareholders
Foundation, Inc. is not a law firm. The information is provided as
a public service. It is not intended as legal advice and should not
be relied upon.
CONTACT: Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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