GPM Reminds Investors of the January 6th Deadline in the Class Action Lawsuit Against Exxon Mobil Corp. & Encourages Investor...
December 29 2016 - 10:30AM
Business Wire
Investors with losses over $1,000,000 are encouraged to contact
the Firm.
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the
January 6, 2017 deadline to file a lead plaintiff motion in
the class action lawsuit filed on behalf of investors who purchased
or otherwise acquired Exxon Mobil Corporation (“Exxon” or the
“Company”) (NASDAQ: XOM) securities between February 19, 2016
and October 27, 2016, inclusive (the “Class Period”). Exxon
investors have until January 6, 2017 to file a
lead plaintiff motion.
The complaint filed in this lawsuit alleges that throughout the
Class Period, Exxon repeatedly highlighted the strength of its
business model and its transparency and reporting integrity,
particularly with regard to its oil and gas reserves and the value
of those reserves. Exxon’s public statements were materially false
and misleading when made as they failed to disclose that: (1)
Exxon’s own internally generated reports concerning climate change
recognized the environmental risks caused by global warming and
climate change; (2) given the risks associated with global warming
and climate change, Exxon 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 (3) 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. When the true
details entered the market, the lawsuit claims that investors
suffered damages.
If you purchased or otherwise acquired Exxon shares during the
Class Period, you may move the Court no later than January
6, 2017 to request appointment as lead plaintiff. To be a
member of the class you need not take any action at this time; you
may retain counsel of your choice or take no action and remain an
absent member of the Class. If you wish to learn
more about this action, or if you have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire,
of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California
90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20161229005078/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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