ExxonMobil at Court – level 3
18-12-2019 07:00
Last year, a lawsuit was filed against the company ExxonMobil.
It claimed that ExxonMobil used two different sets of calculations to determine how greenhouse gas regulations will impact the company; one was to share with investors and one was for internal purposes.
Allegedly, the company hid the true cost of these regulations from investors which caused shareholders to lose up to $1.6 billion dollars.
On Tuesday, ExxonMobil was found not guilty that it misled investors about how climate change will affect its business. The judge said that the New York attorney general’s office failed to prove that ExxonMobil broke the law.
ExxonMobil stated that it provided accurate information on the risks of climate change, and it will continue to invest in researching technologies that reduce emissions while meeting society’s growing demand for energy.
Difficult words: lawsuit (a problem taken to a court to get a legal decision), greenhouse gas regulation (a law on how to control how much greenhouse gas there is; greenhouse gas comes from people’s cars and buildings and people think it is affecting climate change), internal purpose (for a company to use only with people in company), shareholder (a person who gets a part of company’s profit and can vote about how to control the company), mislead (to cause somebody to have a wrong idea or impression)
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