Civitas Resources(CIVI) GlobeNewswire News Room·2025-05-13 01:34Core Viewpoint - A class action lawsuit has been filed against Civitas Resources, Inc. for allegedly misleading investors about its production capabilities and financial condition during the specified class period [1][2]. Group 1: Allegations Against Civitas Resources, Inc. - The lawsuit claims that Civitas failed to disclose a likely significant reduction in oil production in 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 to cover acquisition costs [2]. - The complaint states that the company's financial condition would require disruptive cost-reduction measures, including a significant workforce reduction [2]. - The lawsuit asserts that Civitas's business and financial prospects, as well as its operational capabilities, were overstated [2]. Group 2: Impact on Stock Price - Following the revelation of the alleged misstatements on February 24, 2025, Civitas's stock price fell by 40.35 per share on February 25, 2025 [2]. Group 3: Class Action Participation - Shareholders interested in serving as lead plaintiffs must file their papers with the court by July 1, 2025, while those who choose not to participate can remain absent class members [3].