Robbins Geller Rudman & Dowd LLP Files Class Action Suit against InterOil Corporation
Robbins
Geller Rudman & Dowd LLP (“Robbins Geller”) today announced that
a class action has been commenced on behalf of all persons who purchased
or otherwise acquired Exxon Mobil Corporation (“Exxon”) shares worth
$45.00 and a contingent resource payment (“CRP”) for each outstanding
InterOil Corporation (“InterOil”) (NYSE:IOC) share 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
“Acquisition”). This action was filed in the Northern District of Texas
and is captioned Block v. InterOil Corporation, et al., No.
18-00007.
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff’s counsel, Darren
Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via
e-mail at djr@rgrdlaw.com. Any
member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
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% interest in petroleum retention license 15 in the Gulf
Province of 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, defendants issued the 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 Involving InterOil Corporation and Exxon Mobil Corporation,
dated January 13, 2017 (the “Information Circular”), which contained
material omissions and misstatements concerning the final appraisal well
to be drilled prior to commencement of the Interim Resource
Certification process and the actual value of the increase in the CRP
cap. These omissions and misstatements were material to InterOil
shareholders because they directly and significantly impacted the
perceived value of the CRP and, thus, prevented InterOil shareholders
from accurately valuing the CRP and casting an informed vote on the
Acquisition.
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 (the “Class”). The plaintiff is represented by Robbins
Geller, which has extensive experience in prosecuting investor class
actions including actions involving financial fraud.
Robbins Geller is widely recognized as a leading law firm advising and
representing U.S. and international investors in securities litigation
and portfolio monitoring. With 200 lawyers in 10 offices, Robbins Geller
has obtained many of the largest securities class action recoveries in
history. For the third consecutive year, the Firm ranked first in both
the total amount recovered for investors and the number of shareholder
class action recoveries in ISS's SCAS Top 50 Report. Robbins Geller
attorneys have shaped the law in the areas of securities litigation and
shareholder rights and have recovered tens of billions of dollars on
behalf of the Firm’s clients. Robbins Geller not only secures recoveries
for defrauded investors, it also implements significant corporate
governance reforms, helping to improve the financial markets for
investors worldwide. Please visit http://www.rgrdlaw.com
for more information.
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Copyright Business Wire 2018
Source: Business Wire
(January 4, 2018 - 12:00 AM EST)
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