SAN FRANCISCO, CA – (February 10, 2021) – The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Exxon Mobil Corporation (“Exxon” or the “Company”) (NYSE: XOM) between November 6, 2019 and January 14, 2021, inclusive (the “Class Period”).
If you purchased or otherwise acquired Exxon securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than March 29, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Exxon investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Exxon Securities Class Litigation
Exxon, headquartered in Irving, Texas, explores for and produces crude oil and natural gas in the U.S. and abroad. The action alleges that, during the Class Period, defendants made false and/or misleading statements and failed to disclose to investors that (1) Exxon forced its employees to use unrealistic assumptions regarding the timelines for well drilling in the Permian Basin, currently the highest-producing oil field in the U.S.; (2) the foregoing assumptions artificially inflated the value of the Company’s well operations in the Permian Basin; and (3) the foregoing conduct, when revealed, subjected Exxon to an increased risk of regulatory investigation and oversight.
On January 15, 2021, The Wall Street Journal published an article entitled “Exxon Draws SEC Probe Over Permian Basin Asset Valuation” revealing that the SEC began probing the company after a whistleblower complaint. According to the article, the whistleblower complaint alleges that Exxon forced workers to use unrealistic assumptions about how quickly wells in the Permian Basin could be drilled to reach a higher valuation during a 2019 internal assessment. At least one worker who complained about the assumptions was fired. The Wall Street Journal previously reported that there had been disagreements about the valuation. On this news, Exxon’s stock price fell $2.42 per share, or 4.81%, to close at $47.89 on January 15, 2021, on unusually heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
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Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP