According to the Complaint, Interoil Corporation ("Interoil") was a publicly-traded oil and gas company listed on the New York Stock Exchange (the “NYSE”) prior to the acquisition of all of the issued and outstanding shares of InterOil by an affiliate of Exxon on or about February 22, 2017 (the “Acquisition”). InterOil engaged in the exploration, appraisal and development of hydrocarbon resources.
The Complaint alleges that in connection with the Acquisition, on January 13, 2017, Defendants issued the Management Information Circular for a Special Meeting of Holders of Common Shares, Options and Restricted Share Units of InterOil Corporation with Respect to an Arrangement Involving InterOil Corporation and Exxon Mobil Corporation, dated January 13, 2017 (the “Information Circular”), which contained material omissions and misstatements concerning the final appraisal well to be drilled prior to commencement of the Interim Resource Certification process and the actual value of the increase in the CRP cap. These omissions and misstatements were material to InterOil shareholders because they directly and significantly impacted the perceived value of the CRP and, thus, prevented InterOil shareholders from accurately valuing the CRP and casting an informed vote on the Acquisition.
On April 10, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 18. Defendants filed a Motion to Dismiss the amended Complaint on August 2. On March 15, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff filed a Motion to alter Judgment on April 12. On February 12, 2020, the Court issued an Order denying Lead Plaintiff's Motion. Lead Plaintiff filed a notice on March 13, appealing the Court's Order of Dismissal. Lead Plaintiff dismissed the appeal on June 26.