California Attorney General Kamala Harris is looking into whether Exxon Mobil Corp. lied to the public and its shareholders about the risk to its business from climate change, and whether those misrepresentations and omissions amount to securities fraud and environmental law violations.
Central to the investigation is what Exxon Mobil knew about global warming and what the company told its investors. According to internal company documents, Exxon Mobil factored climate research into its business practices and planning but publicly argued that the science was inexact.
One state representative from Torrance, Ted Lieu, has called on federal authorities including the Securities and Exchange Commission (SEC) to investigate the company for securities fraud and other violations, including racketeering, consumer protection, shareholder protection, and more.
Some experts say that SEC rules require companies to disclose the risks of climate change to their business operations but that almost no action gets taken to enforce such rules. Exxon Mobil already has received a subpoena for documents dating as far back as 1977 from Eric Schneiderman, New York’s attorney general.
Call a Los Angeles Securities Fraud Attorney Today
Exxon Mobil may be facing a series of charges for securities fraud and other violations. If you invested in Exxon Mobil stock, you may have certain legal rights that require your immediate attention. Contact an experienced Los Angeles securities fraud attorney today for a consultation today.