Exxon Hit With New Stock-Drop Suit Over Climate Disclosures

Law360 (August 6, 2019, 9:10 PM EDT) -- A group of Exxon Mobil Corp. investors sued the energy giant's top officers in New Jersey federal court Tuesday, alleging they misled investors about the expected impacts of climate change on various aspects of the company's business.

The lawsuit names Exxon executives and board members, including current CEO Darren W. Woods, board director Steven S. Reinemund and former CEO Rex Tillerson, accusing them of downplaying business risks like declining fossil fuel prices and "operational disruptions caused by climate change such as increased severe weather and sea level rise."

"Internal documents show that Exxon's executives knew the company's disclosures regarding the impact...

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