Class action taken against Exxon Mobil

US law firm Robbins Geller Rudman & Dowd LLP announced it has commenced legal action against international giant Exxon Mobil Corporation over the acquisition of InterOil in Februrary 2018.
The class action was filed in Texas, Dallas division, naming KIM C. Block individually and on behalf of others similarly situated as plaintiff, and listed as defendants InterOil Corporation, Exxon Mobil Corporation, Michael Hession, Christopher Finlayson, Chee Keong Yap, Dr Ellis Armstrong, Ford Grant Nicholson, Isikeli Reuben Taureka, Sir Wlson Kamit and Sir Rabbie Namaliu.
The suit alleges the defendant issued false and misleading information in connection with the acquisition of InterOil by Exxon Mobil Corporation.
The other plaintiffs include persons that purchased or otherwise acquired Exxon Mobil shares with US$45.00 and a contingent resource payment (CRP) for each outstanding InterOil share.
This is in connection with the acquisition of all of the issued and outstanding shares of InterOil by an affiliate of Exxon on or about February 22, 2017.
The complaint charges InterOil, its board of directors and Exxon with violations of the Securities Act of 1933.
InterOil was a publicly traded oil and gas company listed on the New York stock exchange prior to the acquisition. InterOil engaged in the exploration, appraisal and development of hydrocarbon resources.
One of InterOil’s primary assets was a gross 36.5 per cent interest in petroleum retention license 15 (PRL15) in the Gulf Province, Papua New Guinea, which includes the world-class Elk and Antelope gas fields.
The complaint alleges that in connection with the acquisition on January 13, 2017, the defendants issued a management information circular for a special meeting of holders of common shares, options and restricted share units of InterOil Corporation with respect to an arrangement with Exxon Mobil Corporation dated the same day.
The plaintiff seeks to recover damages on behalf of all persons who purchased the common stock of Exxon and the CRP pursuant to the information circular and in connection with the acquisition on or about February 22, 2017.