CIVI FRAUD: Suffer Losses on Civitas Resources, Inc.? You may have been Affected by Fraud and are Urged to Contact BFA Law (NYSE:CIVI)
NEW YORK, May 25, 2025 (GLOBE NEWSWIRE) — Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Civitas Resources, Inc. (NYSE: CIVI) and certain of the Company's senior executives for potential violations of the federal securities laws.
If you invested in Civitas you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/civitas-resources-inc.
Investors have until July 1, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased Civitas securities. The case is pending in the U.S. District Court for the District of New Jersey and is captioned Lin v. Civitas Resources., et al. , No. 25-cv-03791.
Why was Civitas Sued for Securities Fraud?
Civitas is an oil and gas exploration and production company with its key assets located in the Denver-Julesburg Basin in Colorado and the Permian Basin in Texas and New Mexico. The complaint alleges that Civitas stated that both basins had 'enhanced recovery potential' and that it had 'driven production ahead of plans,' while touting 'enhanced margins through reduced operating costs' and insisting that 'costs are below expectations.'
In truth, the Company's oil production peaked in 2024, and increasing production would require Civitas to spend significant capital to acquire additional land, driving up costs.
The Stock Declines as the Truth is Revealed
On February 24, 2025, Civitas announced disappointing Q4 and full year 2024 results, and reduced its oil production guidance. The Company explained that oil production had peaked and it would need to spend hundreds of millions of dollars to acquire thousands of acres of new land to produce more oil. Civitas also announced that it was implementing a 10% reduction in its workforce to 'solidify the Company's low-cost structure.' On the same day, Civitas announced the immediate firings of its Chief Operating Officer and Chief Transformation Officer. On this news, the price of Civitas stock declined more than 18%, from a closing price of $49.30 per share on February 24, 2025, to $40.35 per share on February 25, 2025.
Click here if you suffered losses: https://www.bfalaw.com/cases-investigations/civitas-resources-inc.
What Can You Do?
If you invested in Civitas you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/civitas-resources-inc
Or contact:Ross Shikowitz
[email protected]
212-789-3619
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