Core Viewpoint - Civitas Resources, Inc. is facing a class action lawsuit due to alleged violations of the Securities Exchange Act of 1934, with claims that the company misled investors regarding its oil production capabilities and financial health during the specified class period [1][3]. Company Overview - Civitas Resources is an exploration and production company focused on acquiring, developing, and producing crude oil and natural gas, primarily from the Denver-Julesburg Basin in Colorado and the Permian Basin in Texas and New Mexico [2]. Allegations of the Lawsuit - The lawsuit claims that Civitas Resources made false or misleading statements, failing to disclose significant expected reductions in oil production for 2025, the need for additional acreage and development locations, and the potential for disruptive cost-cutting measures including workforce reductions [3]. - Specific allegations include: - A likely significant reduction in oil production due to natural declines and low TIL counts [3]. - The necessity to incur significant debt and sell corporate assets to maintain operations [3]. - Overstated business and financial prospects [3]. Financial Performance - On February 24, 2025, Civitas Resources reported fourth quarter and full year 2024 financial results, with revenue of $1.29 billion, missing estimates by $3.44 million, and non-GAAP earnings per share of $1.78, missing estimates by $0.21 [4]. - The company projected a year-over-year decline in oil production of approximately 4%, with an average production target of 150 to 155 MBbl/d for 2025 [4]. - Civitas announced a 10% workforce reduction and the termination of key executives, which contributed to an over 18% drop in stock price following the announcement [4].

Core Insights - A class action lawsuit has been filed against Civitas Resources, Inc. for allegedly misleading investors regarding its production capabilities and financial condition [1][2] Group 1: Allegations and Impact - The lawsuit claims that Civitas failed to disclose a likely significant reduction in oil production for 2025 due to declines following a production peak in the DJ Basin in Q4 2024 and a low TIL count at the end of 2024 [2] - It is alleged that increasing oil production would necessitate acquiring additional acreage and development locations, leading to significant debt and potential asset sales [2] - The company's financial condition reportedly required disruptive cost-reduction measures, including a significant workforce reduction, which overstated its business and financial prospects [2] - Following the revelation of these issues on February 24, 2025, Civitas's stock price dropped by $8.95 per share, over 18%, closing at $40.35 on February 25, 2025 [2] Group 2: Legal Proceedings - Shareholders interested in serving as lead plaintiffs must file their papers with the court by July 1, 2025 [3] - Participation in the case is not required to be eligible for recovery, allowing shareholders to remain absent class members if they choose [3] Group 3: Company Background - Civitas Resources, Inc. is an independent exploration and production company focused on crude oil and liquids-rich natural gas in the DJ Basin and the Permian Basin [1]

Core Viewpoint - A class action lawsuit has been filed against Civitas Resources, Inc. for allegedly making false and misleading statements regarding its oil production and financial condition during the Class Period from February 27, 2024, to February 24, 2025 [1][3]. Summary by Relevant Sections Lawsuit Details - The lawsuit was initiated by Bragar Eagel & Squire, P.C. on behalf of investors who acquired Civitas Resources securities during the specified Class Period [1]. - Investors have until July 1, 2025, to apply to be appointed as lead plaintiff in the lawsuit [1]. Allegations Against Civitas Resources - The lawsuit claims that Civitas Resources was likely to significantly reduce its oil production in 2025 due to declines following peak production at the DJ Basin in Q4 2024 and a low TIL count at the end of 2024 [3]. - It is alleged that increasing oil production would necessitate acquiring additional acreage and development locations, leading to significant debt and asset sales [3]. - The company’s financial condition purportedly required disruptive cost reduction measures, including a significant workforce reduction [3]. - Consequently, Civitas Resources' business and financial prospects, as well as operational capabilities, were allegedly overstated [3]. Financial Performance - On February 24, 2025, Civitas Resources reported Q4 and full-year 2024 financial results, with revenue of $1.29 billion, missing consensus estimates by $3.44 million [4]. - The non-GAAP earnings per share for the quarter were reported at $1.78, missing consensus estimates by $0.21 per share [4]. - The company projected oil production for 2025 to average between 150,000 and 155,000 barrels per day, reflecting a year-over-year decline of approximately 4% [4]. - Civitas Resources announced a $300 million transaction to expand its Permian Basin position, adding 19,000 net acres and approximately 130 future development locations [4]. - A divestment target of $300 million was also set to offset the costs of the aforementioned transaction [4]. - The company cited natural declines in the DJ Basin, severe winter weather, and unplanned processing downtime as factors affecting production volumes [4]. - A 10% workforce reduction was announced, along with the termination of the Chief Operating Officer and Chief Transformation Officer [4]. - Following these announcements, Civitas Resources' stock price fell by more than 18% [4].

NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Civitas Resources, Inc. ("Civitas" or the "Company") (NYSE: CIVI) securities between February 27, 2024 and February 24, 2025, both dates inclusive (the "Class Period"). The Complaint alleges that Defendants made false and/or misleading sta ...

Core Viewpoint - Civitas Resources, Inc. is facing a class action lawsuit for alleged violations of the Securities Exchange Act of 1934, with claims that the company and its executives made misleading statements regarding its financial health and operational capabilities during the class period from February 27, 2024, to February 24, 2025 [1][3]. Company Overview - Civitas Resources is an exploration and production company focused on crude oil and natural gas production, primarily operating in the Denver-Julesburg Basin in Colorado and the Permian Basin in Texas and New Mexico [2]. Allegations of the Lawsuit - The lawsuit alleges that Civitas Resources misled investors by failing to disclose significant expected reductions in oil production for 2025, which were attributed to natural declines in the DJ Basin and a low count of newly operational wells [3]. - It is claimed that increasing production would necessitate acquiring additional land and development locations, leading to significant debt and asset sales [3]. - The lawsuit also states that Civitas Resources would need to implement disruptive cost-cutting measures, including workforce reductions, which would negatively impact its business and financial prospects [3]. Financial Performance - On February 24, 2025, Civitas Resources reported fourth-quarter and full-year 2024 financial results, with revenue of $1.29 billion, missing consensus estimates by $3.44 million, and non-GAAP earnings per share of $1.78, missing estimates by $0.21 [4]. - The company projected a year-over-year decline in oil production of approximately 4%, with an average production target of 150 to 155 thousand barrels per day for 2025 [4]. - Civitas Resources announced a $300 million transaction to expand its Permian Basin position and a divestment target of $300 million to offset acquisition costs [4]. - The company also revealed a 10% workforce reduction and the termination of key executives, which led to an over 18% drop in stock price following the announcement [4].

PHILADELPHIA, May 5, 2025 /PRNewswire/ -- Berger Montague PC advises investors that a securities class action lawsuit has been filed against Civitas Resources, Inc. ("Civitas" or the "Company") (NYSE: CIVI) on behalf of purchasers of Civitas securities between February 27, 2024 through February 24, 2025, inclusive (the "Class Period").Investor Deadline: Investors who purchased or acquired Civitas securities during the Class Period may, no later than JULY 1, 2025, seek to be appointed as a lead plaintiff rep ...

Core Points - A shareholder class action lawsuit has been filed against Civitas Resources, Inc. alleging materially false and misleading statements regarding the company's business and operations [1] - The lawsuit claims that Civitas is likely to significantly reduce its oil production in 2025 due to declines following a production peak at the DJ Basin and a low turned-in-lines count at the end of 2024 [1] - It is alleged that increasing oil production would require Civitas to acquire additional acreage and development locations, leading to significant debt and potential asset sales [1] - The financial condition of Civitas may necessitate disruptive cost-reduction measures, including a significant workforce reduction [1] - The lawsuit asserts that Civitas's business and financial prospects, as well as its operational capabilities, were overstated [1] Legal Context - Shareholders who purchased Civitas shares between February 27, 2024, and February 24, 2025, and suffered significant losses are encouraged to discuss their legal rights [2] - The deadline to request appointment as lead plaintiff in the case is July 1, 2025 [3] - Holzer & Holzer, LLC is a law firm specializing in securities litigation and has a history of recovering significant amounts for shareholders affected by corporate misconduct [3]

NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Civitas Resources, Inc. (“Civitas” or the “Company”) (NYSE: CIVI) and certain officers.   The class action, filed in the United States District Court for the District of New Jersey, and docketed under 25-cv- 03791, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Civitas securities between February 27, 2024 and February ...

NEW YORK, April 08, 2025 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Civitas Resources, Inc. (NYSE: CIVI) resulting from allegations that Civitas Resources may have issued materially misleading business information to the investing public. SO WHAT: If you purchased Civitas Resources securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contin ...

NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Civitas Resources, Inc. (NYSE: CIVI) resulting from allegations that Civitas Resources may have issued materially misleading business information to the investing public. SO WHAT: If you purchased Civitas Resources securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contin ...