Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the Northern District of Texas on behalf of shareholders of Exxon Mobil Corporation (NYSE: XOM) who purchased shares between February 19, 2016 and October 27, 2016.
The complaint alleges that Exxon’s public statements were materially false and misleading by virtue of failure to disclose that: (a) Exxon’s own internally generated reports concerning climate change recognize the environmental risks caused by global warming and climate change; (b) given the risks associated with global warming and climate change, the Company 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; (c) 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.
If you suffered a loss in Exxon Mobil you have until January 6, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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