Robbins Geller Rudman & Dowd LLP Files Class Action Suit against InterOil Corporation

SAN DIEGO--(BUSINESS WIRE)-- 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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Robbins Geller Rudman & Dowd LLP
Darren Robbins, 800-449-4900 or 619-231-1058

Source: Robbins Geller Rudman & Dowd LLP