Description: Consolidated shareholder derivative action against directors and senior officers of Exxon Mobil Corporation for misleading the public concerning climate change and its impacts on Exxon's business.
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In re Exxon Mobil Corp. Derivative Litigation
Case Documents:
Filing Date Type File Action Taken Summary 10/29/2021 Reply Download Reply in further support of motion to dismiss filed by nominal defendants and defendants. 09/24/2021 Motion to Dismiss Download Motion to dismiss filed by nominal defendant and defendants. Exxon Sought Dismissal of Shareholder Derivative Action Alleging Climate Change-Related Misconduct. Exxon Mobil Corporation and individual defendants (Exxon) moved to dismiss a shareholder derivative action in which the plaintiffs alleged misconduct related to Exxon’s use of and statements regarding proxy costs of carbon or greenhouse gas costs—including their use in the company’s asset impairment analyses and proved reserves estimates—as well as assertions that the company’s assets would be stranded due to governmental climate change policies. Exxon argued that the case should be dismissed because the company’s independent directors had determined in good faith after a reasonable inquiry that the shareholder derivative lawsuit was not in Exxon’s best interests. Exxon further argued that additional theories of wrongdoing raised in the plaintiffs’ recently filed consolidated complaint were procedurally improper because the plaintiffs had never asked Exxon’s board to investigate the allegations. Exxon said the plaintiffs had added the new theories—which included allegations of misrepresentation of the environmental benefits of the company’s products and “greenwashing campaigns” about the company’s steps to mitigate climate change—in reliance on theories in an action filed by the Massachusetts Attorney General in October 2019 and after a New York court “discredited” the plaintiffs’ core allegations in a December 2019 decision dismissing the New York Attorney General’s fraud action against Exxon Mobil Corporation. 08/13/2021 Order Download Motion for discovery denied and motion to amend consolidated complaint granted. 08/13/2021 Order Download Motions to vacate existing leadership structure and appoint new lead plaintiffs denied. 09/21/2020 Notice Download Institutional plaintiffs filed notice of withdrawal of motion to intervene. Institutional plaintiffs withdrew their motion to intervene after the District of New Jersey transferred their consolidated action to the Northern District of Texas. 09/11/2020 Motion Download Motion filed by Gail Walkover to vacate existing leadership structure, and appoint Walkover as lead plaintiff and her counsel as lead counsel. 09/08/2020 Opposition Download Opposition filed by nominal defendant and defendants to plaintiff's motion for leave to conduct "limited" discovery (plaintiff's motion filed under seal). 09/04/2020 Motion to Intervene Download Motion to intervene filed by institutional plaintiffs (in District of New Jersey consolidated action) for the limited purpose of objecting to defendants' request for dismissal with prejudice. 09/01/2020 Order Download Order issued consolidating Walkover v. Woods (No. 20-cv-2302) and this case. 08/28/2020 Motion Download Motion to consolidate Walkover v. Woods (No. 20-cv-2302) filed by lead plaintiff Samuel Montini. 08/26/2020 Order Order issued staying deadline to respond to defendants' motion to dismiss until the court rules on the motion to conduct limited discovery. 08/10/2020 Motion to Dismiss Download Motion to dismiss filed by nominal defendant and defendants. 02/12/2020 Order Download Motion to consolidate granted. 02/05/2020 Motion Download Motion to consolidate Stourbridge Investments case filed by lead plaintiff Samuel Montini. 05/02/2019 Complaint Download Complaint filed. -
Montini v. Woods
Case Documents:
Filing Date Type File Action Taken Summary 08/06/2019 Order Download Motion for consolidation and for appointment of lead plaintiff and lead counsel granted. 05/31/2019 Motion Download Motion for consolidation and appointment of lead plaintiff and lead counsel filed. 05/02/2019 Complaint Download Complaint filed. Shareholder Derivative Actions Filed Against Exxon Directors and Officials in Texas Federal Court. Two shareholder derivative complaints were filed in the federal district court for the Northern District of Texas against directors and certain senior officers of Exxon Mobil Corporation (Exxon). Both complaints alleged that Exxon had “a well-documented history of intentionally misleading the public concerning global climate change and its connection to fossil fuel usage, as well as the impact the changing climate will have on Exxon’s reserve values and long-term business prospects.” The plaintiffs asserted claims of breach of fiduciary duty, waste, and unjust enrichment. They also sought contribution against the individual defendants in the related federal securities class action pending in the same court (should those defendants be found liable for securities violations) and sought rescission of contracts between Exxon and the individual defendants based on any violations by the individual defendants of securities laws. On May 31, the plaintiff in one of the shareholder derivative actions filed a motion to consolidate the two lawsuits and for his appointment as lead plaintiff. -
Stourbridge Investments, LLC v. Avery
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Stourbridge Investments LLC v. Avery
Case Documents:
Filing Date Type File Action Taken Summary 09/05/2019 Petition Download Verified shareholder petition filed. -
Walkover v. Woods
Case Documents:
Filing Date Type File Action Taken Summary 08/18/2020 Complaint Download Complaint filed.