NEW YORK, Nov. 10, 2016 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, reminds
investors in Exxon Mobil Corp. ("Exxon" or the "Company") (NYSE:
XOM) of the January 6, 2017 deadline
to seek the role of lead plaintiff in a federal securities class
action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the
Northern District of Texas on
behalf of all those who purchased Exxon stock or options between
February 19, 2016 and October 27, 2016 (the "Class Period"). The
case, Ramirez v. Exxon Mobil Corporation et al, No.
16-cv-03111 was filed on November 7,
2016, and has been assigned to Judge Sam A Lindsay.
The lawsuit focuses on whether the Company and its executives
violated federal securities laws by failing to properly disclose
the given the risks associated with global warming and climate
change in the Company's ability to extract certain of Exxon's
existing hydrocarbon reserves and by employing an inaccurate "price
of carbon" which overstated the value of its reserves.
According to numerous investigative reports, in the 1970s and
1980s, Exxon conducted a scientific research program that
documented the potential impact that climate change could have on
the Company's assets and businesses. In addition to failing to
recognize the impact of climate change on the value of its
reserves, Exxon similarly failed to properly account for the
declining price of oil and its impact on the value of its reserves.
However, through a series of partial disclosures issued by
different news sources between mid-August
2016 and late September 2016,
the market learned that federal regulators were actively
scrutinizing Exxon's reserve accounting related to climate change
and global warming and its refusal to write down any of its oil and
gas reserves in the face of declining global oil prices. The series
of disclosures led to a gradual decline from the Class Period high
of $95.55 per share to a closing
price of $82.54 per share on
September 20, 2016, representing a
13.6% drop.
Then, during pre-market hours on October
28, 2016, Exxon issued a release announcing its financial
results for the quarter ended September 30,
2016 in which the Company announced a possible future
write-down of 3.6 billion barrels of oil sand reserves and one
billion barrels of other North American reserves that Exxon now
conceded were not profitable to produce under accurate current
prices. This news led to a subsequent drop in Exxon share
price.
Request more information now by clicking here:
www.faruqilaw.com/XOM. There is no cost or obligation to
you.
Take Action
If you invested in Exxon stock or options between February 19, 2016 and October 27, 2016 and would like to discuss your
legal rights, visit www.faruqilaw.com/XOM. You can also contact us
by calling Richard Gonnello toll
free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also
encourages anyone with information regarding Exxon's conduct to
contact the firm, including whistleblowers, former employees,
shareholders and others.
The court-appointed lead plaintiff is the investor with the
largest financial interest in the relief sought by the class that
is adequate and typical of class members who directs and oversees
the litigation on behalf of the putative class. Any member of the
putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. Your ability to share in any
recovery is not affected by the decision of whether or not to serve
as a lead plaintiff.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with
respect to any future matter. We welcome the opportunity to discuss
your particular case. All communications will be treated in a
confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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