January 6 Deadline Alert: Law Offices of Howard G. Smith Reminds Exxon Mobil Corp. Investors of Upcoming Lead Plaintiff Deadl...
December 30 2016 - 10:30AM
Business Wire
Investors with $500,000 or more in losses are encouraged to
contact the Firm.
Law Offices of Howard G. Smith reminds investors of the
upcoming January 6, 2017 deadline to file a lead
plaintiff motion in the class action filed on behalf of investors
who purchased 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 Exxon shares, 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 Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website
at http://www.howardsmithlaw.com.
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/20161230005065/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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