New York state sues Exxon Mobil for deceiving investors on climate-regulation risk

New York Attorney General Barbara Underwood has filed a lawsuit against energy giant Exxon Mobil Corp., alleging that it misled investors about the true risks to its business posed by climate-change regulations.

The suit comes after a roughly three-year probe and does not charge the company XOM, -2.78% with contributing to climate change as a major emitter of greenhouse gases, or with suppressing climate science, as has been alleged in the past. Instead, the suit alleges that Exxon deceived investors in public presentations on what regulation would mean for its balance sheet, earnings, and the value of oil and gas reserves and other assets.

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