New York Sues Exxon, Alleging Company Deceived Shareholders on Climate Change

FOR IMMEDIATE RELEASE

MEDIA CONTACT: Stefanie Spear, sspear@asyousow.org, 216-387-1609

New York City, New York—Oct. 25—New York’s attorney general announced Wednesday the filing of a lawsuit against ExxonMobil alleging the company defrauded shareholders by downplaying the risk of climate change.

Danielle Fugere, president of As You Sow, made the following statement:

“In times of market disruption there will be winners and losers — full and accurate information is vital for investors to understand how their companies compare to others, both in assessing risk and, more importantly, in how they are responding to it. Companies that downplay risk and rely on business-as-usual in the face of structural change create unacceptable risk for investors."

Lila Holzman, energy program manager of As You Sow, made the following statement:

“This case shines a light on the fact that it is not acceptable for a company like Exxon to simply state that climate change is happening without acknowledging the full range of ways in which climate-related regulations, new technologies, and changing consumer preferences, among other realities, will impact its business. Exxon’s climate-related reporting has been deemed ‘defective,’ hiding from investors the company’s actual preparedness for the coming transition to a low-carbon economy.”

# # #

As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building and innovative legal strategies.