Shareholder Alert: Robbins LLP Informs Investors of the Civitas Resources, Inc. Class Action Lawsuit
Shareholder Alert: Robbins LLP Informs Investors of the Civitas Resources, Inc. Class Action Lawsuit |
| [06-May-2025] |
SAN DIEGO, May 6, 2025 /PRNewswire/ -- Robbins LLP informs stockholders that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired Civitas Resources, Inc. (NYSE: CIVI) securities between February 27, 2024 and February 24, 2025. Civitas is an independent exploration and production company focused on the acquisition, development and production of crude oil and liquids-rich natural gas from its assets in the Denver-Julesburg ("DJ") Basin in Colorado and the Permian Basin in Texas and New Mexico.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The Allegations: Robbins LLP is Investigating Allegations that Civitas Resources, Inc. (CIVI) Misled Investors Regarding the Company's Production Capabilities According to the complaint, during the class period, defendants failed to disclose that: (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; and (iv) accordingly, Civitas's business and/or financial prospects, as well as its operational capabilities, were overstated. Plaintiff alleges that when the truth was revealed on February 24, 2025, the Company's stock price fell $8.95 per share, or over 18%, to close at $40.35 per share on February 25, 2025. What Now: You may be eligible to participate in the class action against Civitas Resources, Inc. Shareholders who want to serve as lead plaintiff for the class are required to file their papers with the court by July 1, 2025. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Civitas Resources, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome.
SOURCE Robbins LLP | ||
Company Codes: NYSE:CIVI |
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