NOTICE TO EXXON CURRENT AND FORMER EMPLOYEES: Zamansky LLC Investigates the Exxon Savings Plan for Possible ERISA Violations
November 09 2016 - 1:51PM
Business Wire
Zamansky LLC announces that it has commenced an investigation of
Exxon Mobil Corporation (NYSE: XOM)(“Exxon”) on behalf of its
current and former employees over the Exxon Savings Plan (the
“Plan”) for potential violations of the federal Employee Retirement
Income Security Act (“ERISA”). ERISA imposes fiduciary duties to
prudently manage and invest plan assets. We are investigating
whether these duties were violated by the continued offering of the
Exxon stock from January 2016 through October 2016 as an investment
option for employees under the Plan.
On November 7, 2016, a securities class action lawsuit was filed
against Exxon and its CEO and CFO. The lawsuit alleges that Exxon
fraudulently overstated its oil and gas reserves, their value and
the costs of extraction, in view of internal reports it had on the
impact of global climate change. The lawsuit alleges that the
misrepresentations were material, and that they artificially
inflated Exxon’s stock price before it fell as news came out.
According to employee stock and investment fraud attorney, Jake
Zamansky, current or former Exxon employees who purchased and held
Exxon stock through the Plan from January 2016 through October 2016
may have had their retirement savings damaged. The allegations
about Exxon’s reserves reporting fraud raise serious issues whether
the Plan’s fiduciaries properly executed their duties under ERISA,
he states. ERISA is designed to protect employees’ retirement
savings from imprudent and inappropriate investments, Zamansky
states.
What Current and Former Exxon Employees Can Do
If you are an existing or former Exxon employee who purchased
and held Exxon stock from January 2016 through October 2016 through
the Exxon Savings Plan, please contact our firm for an evaluation
of your rights. You can contact Jake Zamansky by telephone at (212)
742-1414 or by email at jake@zamansky.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in
securities fraud, ERISA and employment class actions. We are
investment fraud attorneys who represent both individual and
institutional investors. Our practice is nationally recognized for
our ability to aggressively prosecute cases and recover investment
losses.
To learn more about Zamansky LLC, please visit our website,
http://www.zamansky.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161109006084/en/
Zamansky LLCJake Zamansky, 212-742-1414jake@zamansky.com
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