On October 24, 2019, Massachusetts Attorney General Maura Healey sued Exxon Mobil Corporation (Exxon), the world’s largest publicly traded oil and gas company, for deceptive advertising to Massachusetts consumers and for misleading Massachusetts investors about the risks to Exxon’s business posed by fossil fuel-driven climate change—including systemic financial risk. The complaint, filed in Suffolk Superior Court, alleges that Exxon has repeatedly violated the state’s consumer and investor protection law and related regulations. Specifically, the complaint alleges that Exxon systematically and intentionally has misled Massachusetts investors about material climate-driven risks to its business and has deceived consumers about the central role its fossil fuel products play in causing climate change. The complaint alleges that Exxon’s violations have taken the form of both significant factual misstatements and the failure to make disclosures to investors and consumers that would have been material to decisions by Massachusetts investors to purchase, sell, retain, and price ExxonMobil securities and by Massachusetts consumers to purchase ExxonMobil oil and gasoline products.
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