Pomerantz Legislation Agency Announces the Filing of a Class Motion against Exxon Mobil Corporation and Selected Officers – XOM

NEW YORK, Jan. 28, 2021 /CNW/ — Pomerantz LLP announces that a course action lawsuit has been filed in opposition to Exxon Mobil Corporation (“Exxon” or the “Company”) (NYSE: XOM) and specific of its officers.   The course motion, submitted in the United States District Court docket for the Northern District of Texas, and docketed less than 21-cv-000194, is on behalf of a class consisting of all people and entities other than Defendants that bought or or else, obtained Exxon securities concerning November 6, 2019 and January 14, 2021, both equally dates inclusive (the “Class Time period”), trying to find to recuperate damages brought about by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Trade Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, versus the Organization and specified of its prime officers.

If you are a shareholder who obtained Exxon securities during the Course Period, you have till March 29, 2021 to question the Court docket to appoint you as Guide Plaintiff for the class.  A copy of the Criticism can be acquired at www.pomerantzlaw.com.   To examine this motion, make contact with Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-absolutely free, Ext. 7980. People who inquire by e-mail are encouraged to include things like their mailing deal with, phone quantity, and the number of shares purchased. 

[Click here for information about joining the class action]

Exxon explores for and creates crude oil and all-natural gasoline in the U.S. and overseas.  One particular of the Company’s most essential oil and gasoline attributes is in the Permian Basin, which is at this time the maximum-manufacturing oil subject in the U.S.

The Criticism alleges that in the course of the Course Time period, Defendants built materially untrue and deceptive statements, and unsuccessful to disclose material adverse information about the Company’s business enterprise, operational, and compliance procedures.  Specially, Defendants built phony and/or deceptive statements and failed to disclose to traders that: (i) Exxon forced its employees to use unrealistic assumptions concerning the timelines for effectively drilling in the Permian Basin (ii) the foregoing assumptions served to artificially inflate the value of the Company’s perfectly functions in the Permian Basin (iii) the foregoing perform, when revealed, subjected Exxon to a heightened danger of regulatory investigation and oversight and (iv) as a consequence, the Firm’s community statements ended up materially false and misleading at all suitable moments.&#13

On January 15, 2021, pre-current market, the Wall Avenue Journal printed an posting entitled “Exxon Draws SEC Probe Around Permian Basin Asset Valuation.”  The report described that the SEC probe stemmed from a whistleblower complaint that, for the duration of a 2019 inner evaluation, employees were being compelled to use unrealistic assumptions about how swiftly wells in the Permian Basin could be drilled to attain a bigger valuation, and that at the very least one worker who complained about the assumptions was fired.

On this news, Exxon’s stock rate fell $2.42 per share, or 4.81%, to near at $47.89 for each share on January 15, 2021.

The Pomerantz Agency, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as 1 of the leading corporations in the parts of corporate, securities, and antitrust course litigation. Established by the late Abraham L. Pomerantz, recognised as the dean of the class motion bar, the Pomerantz Agency pioneered the field of securities course actions. These days, more than 80 yrs later on, the Pomerantz Agency continues in the tradition he recognized, battling for the legal rights of the victims of securities fraud, breaches of fiduciary obligation, and company misconduct. The Company has recovered many multimillion-dollar damages awards on behalf of course customers. See www.pomerantzlaw.com.

Get hold of:
Robert S. Willoughby
Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980


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