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A class action lawsuit in the United States District Court for the District of New Jersey, on behalf of all persons who purchased, owned, or otherwise acquired Mobil shares and whose Mobil shares were exchanged for Exxon Mobil common stock ("Exxon" or the "Company") (NYSE: XOM ) as a result of the merger transaction approved by shareholders on May 27, 1999, against defendants Exxon and Lee Raymond, Chairman and Chief Executive Officer of Exxon.

The complaint alleges that defendants violated Sections 14(a) and 14 (e) of the Securities Exchange Act of 1934 by issuing materially false and misleading financial statements contained in a proxy filed with the Securities and Exchange Commission (the "SEC") that, inter alia, overstated the Company's financial condition by inflating revenue and failing to account for impaired assets in violation of General Accepted Accounting Principles ("GAAP"). Specifically, the complaint alleges that these representations were materially false and misleading because they failed to disclose a material impairment of Exxon's oil and gas reserves for 1998 and earlier, and consequently, its future cash flows related to proved oil and gas reserves, a key indicator of future operating performance. This material omission thus enabled Mobil to be acquired for an artificially low number of shares by the new Exxon Mobil Corporation as it inflated Exxon Corporation's true asset base and future cash flows thereby inflating Exxon Corporation's contribution to the merged company.

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