The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Exxon Mobil Corporation (NYSE: XOM) who purchased shares between February 28, 2018 and January 14, 2021. The action, which was filed in the United States District Court for the Northern District of Texas, alleges that the Company violated federal securities laws.
In particular, the Exxon Mobil lawsuit alleges that (i) Exxon forced its employees to use unrealistic assumptions regarding the timelines for well drilling in the Permian Basin; (ii) the foregoing assumptions served to artificially inflate the value of the Company’s well operations in the Permian Basin; (iii) the foregoing conduct, when revealed, subjected Exxon to a heightened risk of regulatory investigation and oversight; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until March 29, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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