NEW YORK--(BUSINESS WIRE)--
Zamansky LLC announces that it has commenced an investigation of Exxon Mobil Corporation (NYSE: XOM)(“Exxon”) on behalf of its current and former employees over the Exxon Savings Plan (the “Plan”) for potential violations of the federal Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties to prudently manage and invest plan assets. We are investigating whether these duties were violated by the continued offering of the Exxon stock from January 2016 through October 2016 as an investment option for employees under the Plan.
On November 7, 2016, a securities class action lawsuit was filed against Exxon and its CEO and CFO. The lawsuit alleges that Exxon fraudulently overstated its oil and gas reserves, their value and the costs of extraction, in view of internal reports it had on the impact of global climate change. The lawsuit alleges that the misrepresentations were material, and that they artificially inflated Exxon’s stock price before it fell as news came out.
According to employee stock and investment fraud attorney, Jake Zamansky, current or former Exxon employees who purchased and held Exxon stock through the Plan from January 2016 through October 2016 may have had their retirement savings damaged. The allegations about Exxon’s reserves reporting fraud raise serious issues whether the Plan’s fiduciaries properly executed their duties under ERISA, he states. ERISA is designed to protect employees’ retirement savings from imprudent and inappropriate investments, Zamansky states.
What Current and Former Exxon Employees Can Do
If you are an existing or former Exxon employee who purchased and held Exxon stock from January 2016 through October 2016 through the Exxon Savings Plan, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at [email protected].
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in securities fraud, ERISA and employment class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.
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