INVESTIGATION ALERT: Scott+Scott Attorneys at Law LLP Investigates Exxon Mobil Corporation’s Directors and Officers for Breach of Fiduciary Duties – XOM

NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of Exxon Mobil Corporation (“Exxon”) (NYSE: XOM) breached their fiduciary duties to Exxon and its shareholders. If you are an Exxon shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or [e-mail].

Scott+Scott is investigating whether members of the Exxon Board of Directors (the “Board”) made, or caused Exxon to make, false and/or misleading statements, as well as failed to disclose material adverse facts, about Exxon’s business, operations, prospects, and financial health. Specifically, Scott+Scott is investigating whether the Board failed to disclose material information, including whether: (i) Exxon forced its employees to use unrealistic assumptions regarding the timelines for well drilling in the Permian Basin; (ii) the foregoing assumptions served to artificially inflate the value of Exxon’s well operations in the Permian Basin; (iii) the foregoing conduct, when revealed, subjected Exxon to a heightened risk of regulatory investigation and oversight; and (iv) as a result, statements about Exxon’s business, operations, and prospects lacked a reasonable basis.

On January 15, 2021, the Wall Street Journal published an article entitled “Exxon Draws SEC Probe Over Permian Basin Asset Valuation.” The article reported that the Securities and Exchange Commission probe stemmed from a whistleblower complaint that, during a 2019 internal assessment, workers were forced to use unrealistic assumptions about how quickly wells in the Permian Basin could be drilled to reach a higher valuation, and that at least one worker who complained about the assumptions was fired. On this news, Exxon’s stock price fell $2.42 per share, or 4.81%, to close at $47.89 per share on January 15, 2021.

What You Can Do

If you are an Exxon shareholder, you may have legal claims against Exxon’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or [e-mail].

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.

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