DEADLINE ALERT: Brower Piven Reminds Investors Of

STEVENSON, Md., Dec. 28, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas on behalf of purchasers of Exxon Mobil Corporation (NYSE: XOM ) (“Exxon Mobil” or the “Company”) common stock during the period between February 19, 2016 and October 27, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until January 6, 2017 to seek appointment as lead plaintiff.

If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Exxon Mobil common stock during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Exxon Mobil’s internal reports about climate change recognized the environmental risks caused by global warming and climate change, Exxon Mobil knew the risks associated with global warming and climate change, Exxon Mobil would not be able to remove the existing hydrocarbon reserves the Company claimed to have, Exxon Mobil’s reserves were stranded and should have been written down, and Exxon Mobil had employed an inaccurate “price of carbon” in evaluating the value of certain of its future oil and gas prospects in order to keep the value of its reserves materially overstated.

According to the complaint, following news reports from mid-August 2016 to late September 2016 announcing that federal regulators were scrutinizing Exxon Mobil’s reserve accounting related to climate change and global warming and its refusal to take a write down, and an October 28, 2016 press release announcing that the Company might be forced to write down nearly 20% of its oil and gas assets, the value of Exxon Mobil shares declined significantly.

If you have suffered a loss in excess of $100,000 from investment in Exxon Mobil common stock purchased on or after February 19, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com