New York authorities have announced a lawsuit against oil company Exxon Mobil, which they accuse of deceiving their shareholders in relation to the risk that regulations to combat climate change pose for their business.
“The company said it was taking into account the risk of growing climate change regulations in its business decisions, however, as our investigation showed, Exxon often did not do that,” the state attorney general said in a statement. from New York, Barbara Underwood.
According to the lawsuit – the result of an investigation of almost three years – the fraud reached the highest levels of the company and the former CEO and later Secretary of State of the United States , Rex Tillerson, knew “for years” that the information what was being given to investors was not real .
Specifically, the lawsuit says that Exxon informed investors that it was taking into account the possible impact of the new standards with a calculation to estimate the cost of carbon dioxide emissions . According to the authorities, the company often ignored this calculation and used another much more favorable or none at all.
A “significant” impact
The action of the prosecution seeks that the Justice prohibits Exxon continue cheating on their practices, which forces the company to correct published data, to return the money obtained with this alleged fraud and to pay damages .
The demand does not indicate any specific figure, but the authorities have assured that the impact of these practices is “significant in scale and scope” . As an example, the prosecution said in a statement that Exxon would not have applied in several projects in Canada the calculations of which had publicly reported and would establish costs of more than 25,000 million dollars linked to possible emission standards during the life of the Projects.
After knowing the news, the shares of Exxon Mobil, which were already going down today, fell by around 1.40% on the New York Stock Exchange .