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Mealey's Securities/D&O Liability - Exxon Investor Files Derivative Suit Over Climate Change Risk Concealment

TRENTON, N.J. - Several current and former Exxon Mobil Corp. senior executives breached their fiduciary duty by concealing the material risks that climate change posed to the gas and oil company's business in order to allow Exxon to increase short-term profits and artificially inflate its stock price, assets and revenue, an investor alleges in a shareholder derivative complaint filed Dec. 2 in a New Jersey federal court (City of Birmingham Retirement and Relief System v. Rex W. Tillerson, et al., No. 19-20949, D. N.J.).
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