A class action against Exxon Corporation and certain of its officers and
directors was filed on March 17, 2004 in the United States District Court for
the District of New Jersey, Camden Division by a client of Hagens Berman LLP.
This action is brought as a class action pursuant to Rule 23(a) and
23(b)(3) of the Federal Rules of Civil Procedure, brought on behalf of
plaintiff and all persons and entities who purchased, converted, exchanged, or
otherwise acquired the common stock of Mobil whose shares were exchanged for
shares of Exxon Mobil via a merger transaction approved by shareholders on
May 27, 1999, pursuant to a Proxy Statement. The merger transaction was
finalized on November 30, 1999. Excluded from the class are defendants
herein, members of the immediate family of the defendants, any entity in which
any of the defendants has a controlling interest, and the legal
representatives, heirs, successors or assigns of any of the defendants.
The complaint alleges that Exxon and its CEO violated Sections 14(a) and
14 (e) of the Securities Exchange Act of 1934. The complaint alleges that
during the Class Period the defendants issued materially false and misleading
financial statements contained in a proxy filed with the Securities and
Exchange Commission (the “SEC”) that, inter alia, overstated the Company’s
financial condition by inflating revenue in violation of General Accepted
Accounting Principles (“GAAP”).
In particular, plaintiff alleges that the proxy and accompanying materials
failed to account for impaired assets.
Plaintiff seeks to recover on behalf of all those who purchased or
otherwise held Mobil stock and exchanged it for Exxon stock, and is
represented by the Seattle law firm of Hagens Berman LLP, which has extensive
experience representing shareholders in class actions.
If you are a member of the Class described above, and if you meet certain
other legal requirements, you may, no later than May 18, 2004 (Sixty days from
notice), move the Court to serve as a lead plaintiff. A lead plaintiff is a
representative party that acts on behalf of other class members in directing
the litigation. In order to be appointed lead plaintiff, the Court must
determine that the class member’s claim is typical of the claims of other
class members, and that the class member will adequately represent the class.
Under certain circumstances, one or more class members may together serve as
If you would like to discuss this action or have any questions concerning
this notice or your rights or interests with respect to this matter, please
contact the following:
CONTACT: Steve W. Berman of Hagens Berman LLP, +1-206-224-9320, or