Shareholder alleges ExxonMobil misstated finances, affected stock price

By Robert Lawson | Jan 4, 2017

DALLAS (Legal Newsline) – A shareholder for ExxonMobil is suing the company, alleging its board members communicated misleading financial information about the company.

Pedro Ramirez Jr. recently filed a class action complaint against ExxonMobil, individually and on behalf of the class, alleging the company made false statements and misleading statements about the financial condition of the company.

"The lawsuit is by a shareholder who indicates that the company materially misstated its finances and that affected it stock price," Minnesota attorney Chris Kennedy said in an email to Legal Newsline.

"The false information harmed the shareholder as he was not able to trade with the same information that insiders in the company had. This type of litigation is fairly common."

 Kennedy is a managing partner at Kennedy & Kennedy law firm. ExxonMobil could not be reached for comment on the case. 

Ramirez Jr. filed the case in early November in U.S. District Court for the Northern District of Texas. The suit names as defendants ExxonMobil Corp., Rex W. Tillerson, Andrew P. Swiger and Jeffrey J. Woodbury and claims they have violated federal law.

The complaint states that Ramirez Jr. suffered financially and claims damages from the result of the defendants' alleged actions: failing to disclose particular important information about the company in an effort to artificially pump up the Exxon's stock price.

Ramirez Jr. is seeking a trial by jury, compensatory damages, all damages, interest, court costs and all further relief the court will grant. His attorneys are Joe Kendall and Jamie J. McKey of Kendall Law Group PLLC in Dallas; Balon B. Bradley of Balon B. Bradley Law Firm in Dallas; Samuel H. Rudman and Mary K. Blasy of Robbins Geller Rudman & Dowd LLP in Melville, New York; Patrick J. Coughlin of Robbins Geller, Rudman & Dowd in San Diego; and Jeffrey Abraham of Abraham, Fruchter & Twersky LLP in New York.

U.S. District Court for the Northern District of Texas Case number 3:16-cv-03111-L

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Exxon Mobil U.S. District Court for the Northern District of Texas

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