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Exxon Mobil Corporation

Case Details

Class Period: November 6, 2019 - January 14, 2021
Date Filed: January 28, 2021
Case Number: 3:21cv00194
Jurisdiction: Texas Northern District Court
Days Left to
Seek Plaintiff:
28

Case Summary

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and failed to disclose to investors 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. On January 15, 2021, pre-market, the Wall Street Journal published an article entitled “Exxon Draws SEC Probe Over Permian Basin Asset Valuation.” The article reported that the SEC probe stemmed from a whistleblower complaint that, during a 2019 internal assessment, workers were forced to use unrealistic assumptions about how quickly wells in the Permian Basin could be drilled to reach a higher valuation, and that at least one worker who complained about the assumptions was fired. On this news, Exxon’s stock price fell $2.42 per share, or 4.81%, to close at $47.89 per share on January 15, 2021.

Documents
Complaint