Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Exxon Mobil Corporation (“Exxon”) (NYSE: XOM) common stock between February 28, 2018 and January 14, 2021, inclusive (the “Class Period”).
The Class Period commences on February 28, 2018, when Exxon filed its annual report for the year ended December 31, 2017, with the SEC on a Form 10-K. In its annual report, Exxon reported that it had approximately $348.7 billion in total assets as of December 31, 2017. The annual report also reported asset impairments of $521 million in Exxon’s U.S. Upstream segment, and represented that Exxon “has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year.”
The complaint alleges that, throughout the Class Period, Defendants misrepresented and/or failed to disclose that: (1) Exxon had overstated the value of its assets in the Permian Basin by at least $10 billion to $20 billion; (2) Exxon’s aggressive production goals in the Permian Basin were unrealistic and overly optimistic; (3) Exxon therefore faced an increased risk of heightened regulatory scrutiny; (4) Exxon lacked effective internal control over financial reporting; and (5) as a result of the foregoing, the Defendants’ statements about the company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On February 7, 2025, Lead Plaintiff filed a Renewed Motion for Class Certification. The Motion is currently being briefed by the parties. This action in the discovery phase and is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.