The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the District of New Jersey on behalf of shareholders of Civitas Resources, Inc. who purchased securities between February 27, 2024 and 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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 1, 2025 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
