Exxon Mobil Corporation

  • Active

Investigation
01/28/2021

Initial Lawsuit
01/28/2021

Lawsuit Progression
06/10/2021

Investigation

  • Continous Holding
    November 6, 2019 to January 14, 2021
  • Proposed Claim
    Securities Violation

Investigation an SEC investigation regarding overvaluation of Exxon’s mort important oil and gas properties in the Permian Basin.

Main Event

Whistleblower and SEC Probe

01/15/2021

News Outlets

The Wall Street Journal reports that the SEC launched an investigation of Exxon Mobil after an employee filed a whistleblower complaint alleging overvaluation of its key assets in the Permian Basin. According to the class action complaint, the stock price fell $2.42 per share, or 4.81% on January 15, 2021 because of this news.

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$46.41 $48.753646016644 $-2.34 -4.81%
See more on Factual Timeline

Initial Lawsuit

Plaintiff brings this securities class action on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Exxon securities between November 6, 2019 and January 14, 2021, both dates inclusive.

  • Filing Date
    01/28/2021
  • Class Period
    11/06/2019 to 01/14/2021
  • Transgression
    Securities Violation
  • Filing Firms
    Bronstein, Gewirtz & Grossman, LLC
    Pomerantz LLP
    The Briscoe Law Firm, PLLC
  • Case Title
    Yoshikawa v. Exxon Mobil Corporation
  • Docket Number
    3:21-cv-00194
  • Court
    Texas Northern District Court
  • Free File
    Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly 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.

Defendants

  • Company
    Exxon Mobil Corporation
  • Chief Executive Officer
    Darren W. Woods
  • Vice President
    Andrew P. Swiger
  • Vice President
    Andrew P. Swiger

Lawsuit progression

  • Docket Number
    3:21-cv-00194
  • Court
    Texas Northern District Court

Lead Counsel

06/10/2021

The court issued an order appointing the lead plaintiff and lead counsel.

  • Lead Counsel
    Grant & Eisenhofer P.A.
    Bernstein Litowitz Berger & Grossman LLP
  • Lead Plaintiff
    Group of Funds
  • Free File
    Order for lead

Amended Complaint

09/10/2021

Plaintiffs bring this federal securities class action on behalf of themselves and a class consisting of all persons and entities who purchased, or otherwise acquired, the common stock of Exxon from March 7, 2018 to January 15, 2021, inclusive.

  • Updated Class Period
    03/07/2018 to 01/15/2021
  • Free File
    Amended Complaint

    • Operative complaint

[stockdio-historical-chart symbol=”XOM” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

Factual Timeline

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