Kessler Topaz Meltzer & Check, LLP: Investor Class Action Filed Against Exxon Mobil Corporation for Securities Fraud Violations

Notice is hereby given that Kessler Topaz Meltzer & Check, LLP has filed a class action lawsuit (view complaint) on behalf of those who purchased or otherwise acquired Exxon Mobil Corporation ("Exxon") (NYSE:  XOM) securities between February 28, 2018 and January 14, 2021, inclusive (the “Class Period”).

Exxon investors may receive additional information about the case by clicking the link "Submit Your Information" above.

Exxon, headquartered in Irving, Texas, is one of the world’s largest oil and gas companies.  Exxon operates through three business segments: Upstream, through which Exxon explores for and produces crude oil and natural gas; Downstream, through which Exxon manufactures and sells petroleum products; and Chemical, through which Exxon manufactures and sells petrochemicals.  

Prior to the beginning of the Class Period, in 2017, Exxon doubled its Permian Basin oil resources through the acquisition of companies that held approximately 250,000 acres of leasehold in the region—primarily in the Delaware Basin, a subregion of the Permian Basin reserve—with an estimated 3.4 billion barrels of oil equivalent (the “2017 Acquisition”).  In announcing the 2017 Acquisition, Exxon stated that the “investment gives [Exxon] an exceptional Delaware Basin position in a proven multi-stacked play that can generate attractive returns in a low-price environment.”

The Class Period commences on February 28, 2018, when Exxon filed its annual report for the year ended December 31, 2017, with the United States Securities and Exchange Commission (“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.”  

Thereafter and throughout the Class Period, defendants made repeated positive representations about the quality and potential of Exxon’s Permian Basin assets, assuring investors that Exxon was equipped to maximize the value of its holdings in the Permian Basin and to dramatically and quickly increase production there.

Investors began to learn the truth about the value of Exxon’s Permian Basin assets on September 13, 2020, when The Wall Street Journal reported, among other things, that “[e]ven before the pandemic, some of Exxon’s growth plans in Texas were viewed as unrealistic by some workers, according to current and former employees.” Specifically, while “some Exxon managers in 2018 had initially pegged the net present value of [its Delaware Basin] holdings at about $60 billion,” The Wall Street Journal reported that “[s]ome involved in the project estimated last summer that the area’s net present value was closer to $40 billion because they believed Exxon was overestimating how quickly it could drill.”  Following this news, the price of Exxon’s common stock declined $0.24 per share, or approximately 1%, from a close of $36.90 per share on September 11, 2020, to close at $36.66 per share on September 14, 2020.

Then, on January 15, 2021, The Wall Street Journal reported that the SEC had launched an investigation of Exxon after an employee filed a whistleblower complaint in the fall of 2020 alleging that Exxon had overvalued its Permian Basin assets.  Following this news, the price of Exxon’s common stock declined $2.42 per share, or nearly 5%, from a close of $50.31 per share on January 14, 2021, to close at $47.89 per share on January 15, 2021.

The Bentler Action alleges that, throughout the Class Period, the 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 Exxon’s Permian Basin assets lacked a reasonable basis.

If you are a member of the class described above, you may no later than March 29, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.  Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP:  James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll-free at (844) 887-9500; or via e-mail at  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.

Please complete this form relating to your transactions for Exxon Mobil Corporation (NYSE:  XOM) securities between February 28, 2018 and January 14, 2021, inclusive (the “Class Period”).

You may also contact James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435 or toll free at (844) 887-9500, or you may submit your information via email at, or you may click here to print a PDF of this form.

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# of Shares
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Did you purchase shares of Exxon Mobil Corporation prior to the Class Period?
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The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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