Pioneer Natural Resources Sued Over Exxon Buyout Disclosures

Pioneer Natural Resources Company and its directors allegedly misled investors about a proposed buyout by Exxon Mobil Corp., leaving out key details about potential conflicts of interest, financial projections, and other data behind the deal, a shareholder complaint says.

The proposed plan to sell to Exxon Mobil for $59.5 billion in stock is allegedly unfair because it doesn’t provide any collar mechanism to keep the merger consideration value within a reasonable range, according to the complaint.

The registration statement is allegedly deficient, so shareholders can’t vote to approve it without adequate information about the proposed transaction, says the complaint ...