Core Viewpoint - A securities class action lawsuit has been filed against Civitas Resources, Inc. for failing to disclose significant operational challenges during the Class Period from February 27, 2024, to February 24, 2025 [1][3]. Group 1: Lawsuit Details - The lawsuit is on behalf of investors who purchased Civitas securities during the specified Class Period [1]. - Investors have until July 1, 2025, to seek appointment as lead plaintiff representative of the class [2]. Group 2: Company Performance and Outlook - Civitas reported Q4 and full-year 2024 revenue of $1.29 billion, missing consensus estimates by $3.44 million, with non-GAAP earnings per share of $1.78, also missing estimates by $0.21 [4]. - The company’s net income for the quarter was $151.1 million, or $1.57 per share, down from $302.9 million, or $3.23 per share, in the same quarter the previous year [4]. - Civitas announced a 10% workforce reduction and the termination of its COO and CTO on February 24, 2025, citing lower production volumes primarily due to declines in the DJ Basin [5]. Group 3: Market Reaction - Following the announcement of disappointing financial results and operational challenges, Civitas's stock price fell by $8.95, or 18%, closing at $40.35 per share on February 25, 2025 [6].
ATTENTION CIVITAS RESOURCES (NYSE: CIVI) SHAREHOLDERS: Berger Montague Reminds Investors About Securities Fraud Lawsuit Filed Against Civitas Resources