August 14, 2018 - The court granted in part and denied in part the defendants' motion to dismiss.

September 26, 2017 - A motion to dismiss the amended consolidated complaint was filed.

July 26, 2017 - An amended consolidated complaint was filed.

November 7, 2016 - An investor in shares of Exxon Mobil Corporation (NYSE: XOM) filed a lawsuit in the U.S. District Court for the Northern District of Texas over alleged violations of Federal Securities Laws by Exxon Mobil Corporation in connection with certain allegedly false and misleading statements made between February 19, 2016 and October 27, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Exxon Mobil Corporation (NYSE: XOM) common shares between February 19, 2016 and October 27, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 19, 2016 and October 27, 2016 the Exxon Mobil Corporation's public statements were materially false and misleading when made as they failed to disclose that Exxon Mobil Corporation's own internally generated reports concerning climate change recognized the environmental risks caused by global warming and climate change, that, given the risks associated with global warming and climate change, the Company would not be able to extract the existing hydrocarbon reserves Exxon Mobil Corporation claimed to have and, therefore, a material portion of Exxon Mobil Corporation's reserves were stranded and should have been written down, and that Exxon Mobil Corporation had employed an inaccurate price of carbon – the cost of regulations such as a carbon tax or a cap-and-trade system to push down emissions – in evaluating the value of certain of its future oil and gas prospects in order to keep the value of its reserves materially overstated.

The plaintiff claims that as a result of defendants' positive statements between February 19, 2016 and October 27, 2016, Exxon Mobil Corporation common stock traded at artificially inflated prices, reaching high of more than $95 per share between February 19, 2016 and October 27, 2016, and the rating agencies maintained Exxon's AAA debt rating – the highest – permitting Exxon to sell $12 billion of corporate debt at extraordinarily favorable rates between February 19, 2016 and October 27, 2016.

Exxon Mobil Corporation reported that its annual Total Revenue declined from over $394.1 billion in 2014 to over $259.48 billion in 2015 and that its Net Income declined from $32.52 billion in 2014 to $16.15 billion in 2015.

The plaintiff claims that through a series of partial disclosures issued by different news sources between mid-August 2016 and late September 2016, the market learned that federal regulators were actively scrutinizing Exxon Mobil Corporation 's reserve accounting related to climate change and global warming and its refusal to write down any of its oil and gas reserves in the face of declining global oil prices.

On October 28, 2016, Exxon Mobil Corporation announced its financial results for the quarter ended September 30, 2016.

Exxon Mobil Corporation disclosed that it might be forced to write down nearly 20% of its oil and gas assets. Specifically, Exxon Mobil Corporation acknowledged that it might have to write down 3.6 billion barrels of oil sand reserves and one billion barrels of other North American reserves that Exxon Mobil Corporation now conceded were not profitable to produce under current prices.

Shares of Exxon Mobil Corporation declined from $95.12 per share in July 2016 to as low as $82.76 per share on November 4, 2016.