LOS ANGELES--(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 firstname.lastname@example.org.
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 email@example.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.
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