ExxonMobil Corp. is misleading investors about the drop in its oil and gas reserves resulting from climate change risks and the decline in oil prices, according to a class action lawsuit filed in federal court (Ramirez v. ExxonMobil Corp., N.D. Tex., 16-cv-03111, complaint 11/7/16)
Pedro Ramirez Jr. filed the class action lawsuit Nov. 7 in the U.S. District Court for the Northern District of Texas on behalf of investors, holding the company responsible for the drop in stock price in September, and accusing the company of overstating the size of its recoverable oil and gas reserves.
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