Civitas Resources(US:CIVI) GlobeNewswire News Roomยท2025-06-29 13:15Core Viewpoint - Civitas Resources, Inc. is facing a class action lawsuit due to allegedly misleading statements regarding its oil production and financial condition during the specified class period from February 27, 2024, to February 24, 2025 [1][3]. Group 1: Class Action Details - The Rosen Law Firm is reminding investors of the July 1, 2025, deadline to become a lead plaintiff in the class action against Civitas Resources [1][2]. - Investors who purchased Civitas securities during the class period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [1][2]. Group 2: Allegations Against Civitas - The lawsuit claims that Civitas made materially false and misleading statements, failing to disclose significant reductions in oil production expected in 2025 due to declines in the DJ Basin and low TIL counts [3]. - It is alleged that increasing oil production would necessitate acquiring additional acreage, leading to significant debt and asset sales to cover acquisition costs [3]. - The financial condition of Civitas is said to require disruptive cost-reduction measures, including a significant workforce reduction, which were not disclosed [3]. - The lawsuit asserts that Civitas' business and financial prospects were overstated, resulting in false and misleading public statements [3]. Group 3: Rosen Law Firm's Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved the largest settlement against a Chinese company at the time and being ranked No. 1 for securities class action settlements in 2017 [4]. - The firm has consistently ranked in the top 4 for securities class action settlements since 2013 and has recovered hundreds of millions of dollars for investors [4]. - In 2019, the firm secured over $438 million for investors, showcasing its effectiveness in litigation [4].