Civitas Resources(US:CIVI) Prnewswireยท2025-05-12 09:45Core Viewpoint - Civitas Resources, Inc. is facing allegations of misleading shareholders regarding its oil production capabilities and financial health, particularly in light of expected production declines in 2025 [1][2]. Allegations Summary - Civitas is likely to significantly reduce its oil production in 2025 due to declines following a production peak at the DJ Basin in Q4 2024 and a low TIL count at the end of 2024 [1]. - Increasing oil production would necessitate acquiring additional acreage and development locations, leading to significant debt and potential asset sales to cover acquisition costs [1]. - The company's financial condition may force it to implement disruptive cost reduction measures, including substantial workforce reductions [1]. - As a result, Civitas's business and financial prospects, as well as its operational capabilities, were likely overstated [1]. - The public statements made by Civitas were materially false and misleading throughout the relevant period [1]. Class Action Details - The class period for the allegations spans from February 27, 2024, to February 24, 2025 [1]. - Shareholders are encouraged to register for the class action by July 1, 2025, to participate in potential recovery [2]. - Registered shareholders will receive updates through a portfolio monitoring software during the case lifecycle [2].