Civitas Resources(US:CIVI) Prnewswireยท2025-06-09 09:45Core Viewpoint - Civitas Resources, Inc. is facing allegations of misleading shareholders regarding its oil production capabilities and financial health, which may lead to significant legal repercussions for the company [1][2]. Group 1: Allegations Against Civitas Resources - 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 substantial 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 significant workforce reductions [1]. - As a result, Civitas's business and financial prospects, as well as its operational capabilities, were overstated, making public statements materially false and misleading [1]. Group 2: Class Action Details - The class period for shareholders who purchased shares of Civitas is from February 27, 2024, to February 24, 2025 [1]. - Shareholders are encouraged to register for the class action by July 1, 2025, to potentially become lead plaintiffs [2]. - Once registered, shareholders will receive updates through portfolio monitoring software regarding the case's status [2]. Group 3: Law Firm's Role - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and fraud [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [3].