LAWSUIT FILED: Exxon Mobil Corp. Sued for Violations of the Federal Securities Laws; Investors Should Contact Block & Leviton LLP

1/29, 5:52 PM (Source: GlobeNewswire)

BOSTON, Jan. 29, 2021 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that a lawsuit for violation of the federal securities laws has been filed against Exxon Mobil Corp. (NYSE: XOM) and certain of its executives.

On January 15, 2021, the Wall Street Journal reported that the U.S. Securities and Exchange Commission had launched an investigation into Exxon’s valuation of certain of its assets in the Permian Basin. The article reported that a whistleblower filed a lawsuit alleging that during a 2019 internal Exxon assessment, workers were forced to use unrealistic assumptions about how quickly wells in the Permian Basin could be drilled to reach a higher valuation. The whistleblower complaint alleged that at least one employee was fired. The WSJ further reported that some Exxon managers concluded that the net present value of the Delaware Basin (within the Permian Basin) was approximately $60 billion, but that some employees involved in Exxon’s annual development planning estimated that value to be closer to $40 billion. On this news, Exxon’s stock price fell $2.42 per share, or approximately 5%, wiping out billions of dollars in market capitalization.

A lawsuit has been filed against Exxon and certain of its executives in the U.S. District Court for the Northern District of Texas. The lawsuit is captioned Yoshikawa v. Exxon Mobil Corp., et al., No. 3:21-cv-00194 (N.D. Tex.). The suit alleges that Exxon misled investors as to the valuation of certain of the Company’s assets in the Permian Basin.

If you purchased or acquired shares of Exxon, you are strongly encouraged to contact the nationally-recognized securities law firm Block & Leviton LLP (www.blockleviton.com), at (617) 398-5600, via email at cases@blockleviton.com, or at https://www.blockleviton.com/cases/xom. The deadline to move the Court to be appointed lead plaintiff is March 29, 2021.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.

This notice may constitute attorney advertising.

CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com 
SOURCE: Block & Leviton LLP
www.blockleviton.com 


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