SAN DIEGO, Nov. 17, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in Texas on behalf of certain purchasers of shares of Exxon Mobil Corporation (NYSE:XOM) over alleged Securities Laws Violations by Exxon Mobil.
Investors who purchased shares of Exxon Mobil Corporation (NYSE:XOM) have certain options and for certain investors there are short and strict deadlines running. Deadline: January 6, 2017. (NYSE:XOM) investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that Exxon's public statements were materially false and misleading when made as they failed to disclose that Exxon's own internally generated reports concerning climate change recognized the environmental risks caused by global warming and climate change, that, given the risks associated with global warming and climate change, the Company would not be able to extract the existing hydrocarbon reserves Exxon claimed to have and, therefore, a material portion of Exxon's reserves were stranded and should have been written down, and that Exxon had employed an inaccurate "price of carbon" – the cost of regulations such as a carbon tax or a cap-and-trade system to push down emissions – in evaluating the value of certain of its future oil and gas prospects in order to keep the value of its reserves materially overstated.
The plaintiff claims that 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 Mobil Corporation'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.
On October 28, 2016, Exxon Mobil Corporation announced its financial results for the quarter ended September 30, 2016. Exxon Mobil Corporation disclosed that it might be forced to write down nearly 20% of its oil and gas assets. Specifically, Exxon Mobil Corporation acknowledged that it might have to write down 3.6 billion barrels of oil sand reserves and one billion barrels of other North American reserves that Exxon Mobil Corporation now conceded were not profitable to produce under current prices.
Those who purchased Exxon Mobil Corporation (NYSE:XOM) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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