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Exxon accused of misleading investors on climate changeND
BBC News, Tuesday October 22, 2019
American oil giant Exxon is set to face an unprecedented climate change lawsuit in New York this week after years of investigations into the company’s corporate practices. The state of New York is bringing forward a lawsuit in accusing the company of misleading investors about the potential costs of climate change regulation on its business. In a statement the state of New York said: "by representing that it was applying higher projected carbon costs than it was actually using, ExxonMobil made its assets appear significantly more secure than they really were, which had a material impact on its share price." Exxon does not dispute this claim but argues the calculations were "proprietary" and investors were not misled. "Reasonable investors who reviewed ExxonMobil's disclosures understood that climate risks factored into ExxonMobil's decision-making, which is all that could have mattered to them," the company said. Analysts said this case demonstrates the kind of methods governments are now using to keep firms accountable on prominent issues such as climate change.
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