Important Shareholder Notice from The Gross Law Firm
The Gross Law Firm recently issued a pressing reminder for shareholders of
Civitas Resources, Inc. (NYSE: CIVI). In light of developments regarding a class action lawsuit against the company, shareholders who purchased shares during a specified period are encouraged to take immediate action.
Class Period and Allegations
The allegations in this case are serious and pertain to various concerning financial practices at Civitas Resources. Specifically, the class period is from
February 27, 2024, to February 24, 2025. During this timeframe, shareholders experienced potential misleading statements from the company regarding its operations and financial health. Some specific allegations include the following:
1.
Production Reduction: Civitas was likely to significantly diminish its oil production in 2025 due, primarily, to a decline following a production peak at the
DJ Basin in late 2024. This decline coincided with a low
TIL count at the end of 2024, which raised red flags regarding the company’s ability to sustain output levels.
2.
Debt Concerns: To increase oil production, Civitas would need to acquire more acreage and development locations, likely resulting in substantial indebtedness. To offset these costs, it might also have to divest corporate assets.
3.
Cost-Cutting Measures: The financial condition of the company demanded severe cost-cutting measures, including significant workforce reductions. This led many to question the reliability of the company’s public statements regarding its operational capabilities and financial prospects, which appeared overstated.
4.
Misleading Statements: As a consequence of these issues, the company made public statements that were deemed materially false and misleading at all relevant times throughout the class period.
Upcoming Deadlines and Next Steps
The window for shareholders to act is short; the lead plaintiff deadline is set for
July 1, 2025. Shareholders who feel they may qualify as leads in this class action are advised to register as part of this lawsuit promptly. Registration for this class action is crucial for participation in any potential financial recovery.
Shareholders can sign up by visiting the provided link to register their information. Once registered, shareholders will receive updates throughout the lifecycle of the case, via a portfolio monitoring program set up by The Gross Law Firm. It’s essential to note that there are no costs or obligations for shareholders to participate in this case.
Why Choose The Gross Law Firm?
The Gross Law Firm is recognized nationally for its role in class-action lawsuits, striving to protect the rights of investors who have suffered due to deceitful practices. Its commitment lies in ensuring companies adhere to ethical business practices while supporting shareholders impacted by misleading information from publicly traded companies. The firm aims to recover losses incurred when companies make false statements or omissions that inflate their stock prices.
Contact Information
Shareholders wishing to learn more about this lawsuit or who have questions related to their specific situations are encouraged to contact The Gross Law Firm at:
- - Address: 15 West 38th Street, 12th Floor, New York, NY 10018
- - Phone: (646) 453-8903
- - Email: info@grosslawfirm.com
Don’t delay in making your voice heard. Understanding your rights as an investor in this issue is imperative. Join the class action now to potentially become part of the resolution for this significant matter.