According to the lawsuit, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose that:
- Civitas was highly likely to significantly reduce its oil production in 2025 as a result of, among other things, declines following the production peak at the DJ Basin in the fourth quarter of 2024 and low TIL count at the end of 2024;
- increasing its oil production would require Civitas to acquire additional acreage and development locations, thereby incurring significant debt and causing Civitas to sell corporate assets to offset its acquisition costs;
- Civitas’s financial condition would require it to implement disruptive cost-reduction measures including a significant workforce reduction;
- accordingly, Civitas’s business and/or financial prospects, as well as its operational capabilities, were overstated;
- as a result, Civitas’s public statements were false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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