SAN DIEGO, May 5, 2025 -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Civitas Resources, Inc. (NYSE: CIVI) securities between February 27, 2024 and February 24, 2025, inclusive (the "Class Period"), have until July 1, 2025 to seek appointment as lead plaintiff of the Civitas Resources class action lawsuit. Captioned Lin v. Civitas Resources, Inc., No. 25-cv-03791 (D.N.J.), the Civitas Resources class action lawsuit charges Civitas Resources and certain of Civitas Resources' top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Civitas Resources class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-civitas-resources-inc-class-action-lawsuit-civi.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
CASE ALLEGATIONS: Civitas Resources is an exploration and production company that focuses on the acquisition, development, and production of crude oil and associated liquids-rich natural gas from its assets in the Denver-Julesburg ("DJ") Basin in Colorado and the Permian Basin in Texas and New Mexico. According to the complaint, throughout 2024, Civitas Resources maintained steady oil production and accelerated the number of Civitas Resources' turned-in-lines ("TILs") – i.e., newly drilled oil wells that have been designated as operational and added to the total number of wells in which Civitas Resources owns a working interest – between the DJ and Permian Basins.
The Civitas Resources class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Civitas Resources 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 a low TIL count at the end of 2024; (ii) increasing its oil production would require Civitas Resources to acquire additional acreage and development locations, thereby incurring significant debt and causing Civitas Resources to sell corporate assets to offset its acquisition costs; (iii) Civitas Resources' financial condition would require it to implement disruptive cost reduction measures including a significant workforce reduction; and (iv) accordingly, Civitas Resources' business and/or financial prospects, as well as its operational capabilities, were overstated.
The Civitas Resources class action lawsuit further alleges that on February 24, 2025, Civitas Resources announced its financial results for the fourth quarter and full year 2024, reporting revenue of $1.29 billion, missing consensus estimates by $3.44 million, and non-GAAP earnings per share of $1.78 for the quarter, missing consensus estimates by $0.21 per share. According to the complaint, also on February 24, 2025, Civitas Resources revealed several 2025 outlook highlights, including "[d]elivering oil production between 150 and 155 thousand barrels per day ('MBbl/d') on average," – a year-over-year decline of approximately 4% –"[e]xpanding [its] Permian Basin position with a $300 million bolt-on transaction that adds 19,000 net acres and approximately 130 future development locations in the Midland Basin," and "[e]xecuting on [a] new divestment target of $300 million" meant to offset the foregoing transaction. Civitas Resources explained that "[a]s compared to the fourth quarter of 2024, lower volumes are primarily driven by the DJ Basin, due to natural declines following peak production in the fourth quarter, a low TIL count exiting 2024 and in the first quarter of 2025," as well as severe winter weather and unplanned third-party processing downtime in the first quarter, the Civitas Resources class action lawsuit alleges. Civitas Resources additionally announced a 10% reduction in its workforce across all levels and the termination of its Chief Operating Officer and Chief Transformation Officer, according to the complaint. On this news, the price of Civitas Resources stock fell more than 18%, according to the Civitas Resources class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Civitas Resources securities during the Class Period to seek appointment as lead plaintiff in the Civitas Resources class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Civitas Resources class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Civitas Resources class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Civitas Resources class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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