Lawsuit Overview
August 27, 2007 - The U.S. Court of Appeals for the Third Circuit affirmed the decision of the district court.
October 12, 2005 - The plaintiff filed a notice of appeal.
September 14, 2005 - The court granted the defendants' motion to dismiss.
December 3, 2004 - The defendants filed a motion to dismiss.
October 26, 2004 - Additional cases were consolidated.
October 4, 2004 - The lead plaintiff filed an amended consolidated complaint.
July 20, 2004 - Lead plaintiff and lead counsel were appointed.
June 18, 2004 - All cases were consolidated.
May 18, 2004 - Lead plaintiff motions were filed.
March 17, 2004 - An investor in shares of Exxon Mobil Corporation (NYSE: XOM) filed a lawsuit in the U.S. District Court for the District of New Jersey against Exxon Mobil Corporation and certain of its officers and directors for alleged violations of Federal Securities Laws.
The complaint was filed on behalf of 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 Corporation 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.
The complaint alleges that Exxon Mobil Corporation and its CEO violated Sections 14(a) and 14 (e) of the Securities Exchange Act of 1934. The complaint alleges that between May 27, 1999 and November 30, 1999, Exxon Mobil Corporation issued materially false and misleading financial statements contained in a proxy filed with the Securities and Exchange Commission (the 'SEC') that, inter alia, overstated the Exxon Mobil Corporation's financial condition by inflating revenue in violation of General Accepted Accounting Principles ('GAAP').
In particular, the complaint alleges that Exxon Mobil Corporation's proxy and accompanying materials failed to account for impaired assets.