1. Civitas faces allegations of misleading shareholders on production capabilities. 2. A significant reduction in oil production is expected in 2025. 3. Rising costs may force asset sales and debt increases. 4. Shareholders can register for class action lawsuit until July 2025. 5. Company's financial outlook and operational claims are questioned.
Allegations indicate severe operational shortfalls, mirroring historical cases where misleading statements resulted in stock drops, such as with Enron.
The serious nature of the allegations and their potential to disrupt business operations highlight a high likelihood of impacting stock price negatively.
The investigation and potential class-action outcomes could linger, impacting investor sentiment over time, akin to the aftermath of similar allegations against other firms.
/PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Civitas Resources, Inc. (NYSE: CIVI).
Shareholders who purchased shares of CIVI during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
https://securitiesclasslaw.com/securities/civitas-resources-loss-submission-form/?id=148833&from=4
February 27, 2024 to February 24, 2025
(i) Civitas was highly likely to significantly reduce its oil production in 2025 as a result of, inter alia, declines following the production peak at the DJ Basin in the fourth quarter of 2024 and a low TIL count at the end of 2024; (ii) increasing its oil production would require the Company to acquire additional acreage and development locations, thereby incurring significant debt and causing the Company to sell corporate assets to offset its acquisition costs; (iii) the Company's financial condition would require it to implement disruptive cost reduction measures including a significant workforce reduction; (iv) accordingly, Civitas's business and/or financial prospects, as well as its operational capabilities, were overstated; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
July 1, 2025 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/civitas-resources-loss-submission-form/?id=148833&from=4
Once you register as a shareholder who purchased shares of CIVI during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is July 1, 2025. There is no cost or obligation to you to participate in this case.
The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: info@grosslawfirm.com
Phone: (646) 453-8903
SOURCE The Gross Law Firm