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The claimants purchased shares in Exxonmobill in 2016. The complaint alleged that Exxon’s public statements at that time were materially false and misleading because they failed to disclose that internally generated reports concerning climate change recognized (a) the environmental risks caused by global warming and climate change, and (b) that due to risk associated with climate change Exxon would not be able to extract existing hydrocarbon reserves it claimed to have. The claim also alleged that Exxon’s form 10-K, which was required by law to make disclosures to the Securities Exchange Commission were also false. The claim failed as a matter of fact as the court found that the statements were not misleading.
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