| COMPANY |
Exxon Mobil Corporation |
| COURT |
United States District Court for the Northern District of Texas |
| CASE NUMBER |
21-cv-00194 |
| JUDGE |
The Honorable David C. Godbey |
| CLASS PERIOD |
February 28, 2018 - January 14, 2021 |
| SECURITY TYPE |
Common Stock |
Case Background:
The Class Period commences on February 28, 2018, when Exxon filed its annual report for the year ended December 31, 2017, with the SEC on a Form 10-K. In its annual report, Exxon reported that it had approximately $348.7 billion in total assets as of December 31, 2017. The annual report also reported asset impairments of $521 million in Exxon’s U.S. Upstream segment, and represented that Exxon “has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year.”
The Action alleges that, throughout the Class Period, the Defendants misrepresented and/or failed to disclose that: (1) Exxon had overstated the value of its assets in the Permian Basin by at least $10 billion to $20 billion; (2) Exxon’s aggressive production goals in the Permian Basin were unrealistic and overly optimistic; (3) Exxon therefore faced an increased risk of heightened regulatory scrutiny; (4) Exxon lacked effective internal control over financial reporting; and (5) as a result of the foregoing, the defendants’ statements about Exxon’s Permian Basin assets lacked a reasonable basis.
Current Status of Case:
On October 5, 2023, Defendants filed an Answer to the Amended Complaint. This action is in the discovery phase and is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.