Case Page

 

Case Status:    DISMISSED    
On or around 09/15/2005 (Date of order of final judgment)

Filing Date: March 17, 2004

On October 12, 2005, the plaintiffs filed a Notice of Appeal. The appeal is currently pending in the U.S. Court of Appeals for the Third Circuit.

According to a press release dated October 10, 2005, in an opinion by Wolfson, U.S.D.J.; filed September 14, 2005. DDS No. 50-7-1623. Plaintiffs' allegations regarding defendant's failure to recognize impairments based on the collapse in oil prices relate to conduct that occurred prior to the merger and should have been known before then, and the claims under § § 10(b) and 14(a) are barred under the one-year discovery limitations period; the lengthened limitations period under Sarbanes-Oxley does not apply; plaintiffs also have failed to satisfy PSLRA's requirement to specify why the statements in the SEC filings were misleading.

The complaint alleges that Exxon and its CEO violated Sections 14(a) and 14 (e) of the Securities Exchange Act of 1934. More specifically, the complaint alleges that during the Class Period the defendants issued materially false and misleading financial statements contained in a proxy filed with the Securities and Exchange Commission that, inter alia, overstated the company 's financial condition by inflating revenue in violation of General Accepted Accounting Principles. In particular, plaintiff alleges that the proxy and accompanying materials failed to account for impaired assets. Plaintiff seeks to recover on behalf of all those who purchased or otherwise held Mobil stock and exchanged it for Exxon stock, and is represented by the Seattle law firm of Hagens Berman LLP.

According to the complaint, this action is brought pursuant to Rule 23(a) and 23(b)(3) of the Federal Rules of Civil Procedure, brought on behalf of plaintiff and all persons and entities who purchased, converted, exchanged, or otherwise acquired the common stock of Mobil whose shares were exchanged for shares of Exxon Mobil via a merger transaction approved by shareholders on May 27, 1999, pursuant to a Proxy Statement. The merger transaction was finalized on November 30, 1999.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas - Integrated
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: XOM
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 04-CV-1257
JUDGE: Hon. Freda L. Wolfson
DATE FILED: 03/17/2004
CLASS PERIOD START: 05/27/1999
CLASS PERIOD END: 11/30/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Casey & Felstad, LLC
    1001 Fourth Avenue - Suite 3200, Casey & Felstad, LLC, WA 98101-1003
    206.903.2979 ·
  2. Epstein, Fitzsimmons, Brown, Ringle, Gioia & Jacobs
    245 Green Village Road - P.O. Box 901, Epstein, Fitzsimmons, Brown, Ringle, Gioia & Jacobs, NJ 07928
    973.593.4900 ·
  3. Hagens Berman, LLP
    1301 Fifth Avenue Suite 2900, Hagens Berman, LLP, WA 98101
    206.623.7292 · info@hagens-berman.com
  4. Martin E. Grossman, Law Offices
    2121 Green Briar Drive, Martin E. Grossman, Law Offices, PA 19084
    ·
  5. Meredith, Cohen & Greenfogel, P.C.
    63 Wall St., 32nd Floor , Meredith, Cohen & Greenfogel, P.C., NY 10006
    212.482.1250 212.482.1300 ·
  6. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
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COURT: D. New Jersey
DOCKET #: 04-CV-1257
JUDGE: Hon. Freda L. Wolfson
DATE FILED: 10/04/2004
CLASS PERIOD START: 05/27/1999
CLASS PERIOD END: 11/30/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman, LLP
    1301 Fifth Avenue Suite 2900, Hagens Berman, LLP, WA 98101
    206.623.7292 · info@hagens-berman.com
  2. Meredith, Cohen & Greenfogel, P.C.
    63 Wall St., 32nd Floor , Meredith, Cohen & Greenfogel, P.C., NY 10006
    212.482.1250 212.482.1300 ·
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