Feb 24, 2021 News
Kaieteur News – A class action lawsuit was filed against ExxonMobil on January 28 in the U.S. District Court for the Northern District of Texas, alleging that ExxonMobil violated federal securities laws by misleading investors as to the valuation of certain company assets in the Permian Basin, a petroleum province in the southwestern United States.
The lawsuit, Yoshikawa v. Exxon Mobil Corp., et al. was announced by Block & Leviton LLP, a firm that represents investors and helps to maintain the integrity of US financial markets.
The plaintiff, Mendi Yoshikawa, acquired Exxon securities at artificially inflated prices, the suit says, “and was damaged upon the revelation of the alleged corrective disclosures.”
It represents all other similarly situated persons.
“Throughout the Class Period,” the suit states, “Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (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 the Company’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, the Company’s public statements were materially false and misleading at all relevant times.”
The suit singles out as defendants, ExxonMobil’s Chief Executive Officer Darren Woods, Senior Vice President Andrew Swiger, and Vice President and Controller David Rosenthal.
The suit states, “The Individual Defendants possessed the power and authority to control the contents of Exxon’ SEC filings, press releases, and other market communications. The Individual Defendants were provided with copies of Exxon’ SEC filings and press releases alleged herein to be misleading prior to or shortly after their issuance and had the ability and opportunity to prevent their issuance or to cause them to be corrected. Because of their positions with Exxon, and their access to material information available to them but not to the public, the Individual Defendants knew that the adverse facts specified herein had not been disclosed to and were being concealed from the public, and that the positive representations being made were then materially false and misleading. The Individual Defendants are liable for the false statements and omissions pleaded herein.”
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