Barrack, Rodos & Bacine Files Complaint Concerning Exxon Mobil Corporation

10/1/2009 - Barrack, Rodos & Bacine filed a stockholder’s direct action and derivative action on behalf of Exxon Mobil Corporation. The complaint alleges that the company and members of its management team made false and misleading statements in the company’s proxy statements for the 2008 and 2009 annual stockholders meetings about the company’s ability to take tax deductions for the compensation paid to its most senior executives. The complaint also alleges that the board failed to seek timely stockholder reapproval of the company’s performance-based compensation plan. As alleged in the complaint, most of the compensation paid to the five most senior executives is not and will not be tax-deductible. The complaint seeks a mandatory injunction requiring stockholder approval of a new plan, an injunction against the payment of non-tax-deductible compensation, and an equitable accounting with monetary relief. If you would like to learn more about this action or if you wish to discuss the matter further, please contact BR&B partner A. Arnold Gershon by telephone at (212) 688-0782, or by email at agershon@barrack.com.