Exxon Mobil Cleared by Texas Jury in Investor Lawsuit
A Dallas federal jury found Exxon Mobil not liable for allegedly defrauding investors through disclosures regarding its Canadian oil sands and Rocky Mountain gas operations. Shareholders failed to prove the company concealed losses or used improper accounting for its reserve valuations during 2016.
EXXON MOBIL CORP was cleared of fraud by a United States jury on Wednesday regarding its Canadian oil sands disclosures. Investors who acquired Exxon common stock between February 24, 2016, and October 28, 2016, failed to prove the company misled them about reserve valuations and accounting practices. The jury verdict, filed in Dallas federal court, found Exxon not liable for alleged fraud tied to its bitumen operations and Rocky Mountain gas assets.
