Deadline Alert: Civitas Resources, Inc. (CIVI) Investors Who Lost Money Urged to Contact Glancy Prongay & Murray LLP About Securities Fraud Lawsuit
IF YOU SUFFERED A LOSS ON YOUR CIVITAS INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS.
What Happened?
On February 24, 2025, Civitas released its fourth quarter and full year 2024 financial results, significantly missing consensus estimates in revenue and non-GAAP earnings per share, as well as reporting a net income on $151.1 million, compared to $302.9 million the previous year, and interest expense of $456.3 million. Additionally, the Company released a disappointing 2025 outlook, stating that '[f]irst quarter [2025] oil volumes are expected to be the low point for the year, averaging 140 to 145 MBbl/d, mostly as a result of few TILs in late 2024 and early 2025,' and that, compared to the fourth quarter of 2024, 'lower volumes are primarily driven by the DJ Basin, due to natural declines following peak production in the fourth quarter, a low TIL count exiting 2024 and in the first quarter of 2025,' as well as severe winter weather and unplanned third-party processing downtime in the first quarter. The Company also announced a 10% reduction in workforce to 'solidify the Company's low-cost structure.' Further, Civitas disclosed the termination of its Chief Operating Officer and its Chief Transformation Officer, effective immediately.
On this news, Civitas' stock price fell $8.95, or 18.2%, to close at $40.35 per share on February 25, 2025, thereby injuring investors.
What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Civitas was highly likely to significantly reduce its oil production in 2025 as a result of, inter alia, declines following the production peak at the DJ Basin in the fourth quarter of 2024 and a low TIL count at the end of 2024; (2) increasing its oil production would require the Company to acquire additional acreage and development locations, thereby incurring significant debt and causing the Company to sell corporate assets to offset its acquisition costs; (3) the Company's financial condition would require it to implement disruptive cost reduction measures including a significant workforce reduction; (4) accordingly, Civitas's business and/or financial prospects, as well as its operational capabilities, were overstated; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Civitas securities during the Class Period, you may move the Court no later than July 1, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.
Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles, California 90067
Email: shareholders@glancylaw.com
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.
If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
NetEase's Gaming Momentum Is Strong, But Investors Wary Of Slumping Units
NetEase (NASDAQ:NTES) stock dropped after it reported fiscal second-quarter results on Thursday. The company's quarterly revenue increased 9.4% year-on-year to $3.89 billion (27.89 billion Chinese yuan), topping the analyst consensus estimate of $3.86 billion. The Chinese gaming player's adjusted EPADS of $2.07 beat the analyst consensus estimate of $ and related value-added services revenues rose 13.7% to $3.18 billion. The corresponding gross margin increased by 178 bps to 64.7% attributable to higher net revenues from Identity V, its newly launched games, Where Winds Meet and Marvel Rivals, and certain licensed games. Youdao (NYSE:DAO) revenue rose by 7.2% to $197.88 million, and the corresponding gross margin declined by 519 bps to 43.0%, primarily due to a decrease in net revenues from its smart devices. View more earnings on NTES NetEase Cloud Music's revenues were $274.8 million, down 3.5%, and its gross margin expanded by 396 bps to 36.1% driven by higher net revenues from its online music services. Innovative businesses and other revenue declined 17.8% to $237.2 million due to decreased net revenues from Yanxuan, advertising services, and the gross margin increased by 832 bps to 42.3%. As of June 30, 2025, NetEase held $19.8 billion in cash and equivalents and generated $1.52 billion in operating cash flow. The board of directors approved a dividend of 57 cents per ADS for the second quarter of 2025, versus 67.5 cents per ADS for the first quarter. NetEase stock gained over 51% year-to-date as its online gaming business remains resistant to macro and geopolitical headwinds. Price Action: NetEase stock is trading lower by 4.17% to $129.28 at last check Thursday. Photo by Sergei Elagin via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? NETEASE (NTES): Free Stock Analysis Report This article NetEase's Gaming Momentum Is Strong, But Investors Wary Of Slumping Units originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fast Company
13 minutes ago
- Fast Company
The key to building trust and perspective in business? Space
As entrepreneurs, we want to dive head-first into our business operations. We thrive on solving problems, which can sometimes make staying deeply involved vital. Early in my career, I flourished on this energy. I soon realized that my focus on problem solving was consuming too much of my time. Back-to-back meetings coupled with teams needing my oversight unwittingly made me a bottleneck. So, I relinquished some control. After 19 years of running a video company, I know that taking a step back from your business is just as important as putting in the work. Doing so is not about reducing your workload, but about unlocking your organization's full potential. For any leader, this shift is both liberating and a total game-changer. How do you create space between you and your organization? Some might say that's easier said than done. But when you do it, this separation can propel your team farther than you ever imagined. For us at Wistia, it has set a new standard: one built on trust, collaboration, and empowerment. Once you've taken a step back, you have instantly built a trusting environment. This will help motivate team members to do their best work, and empowers them to rise to the occasion. Sometimes letting go is the best way to instill confidence. Let a team member lead the production of a new project, like a video campaign. Allow them to handle client feedback, oversee edits, and ensure delivery. Empowering them in their roles allows you to add unique value to other parts of the business that might be better suited for your attention. Leaders drive organizational growth. Instilling confidence in your teams to do their best work is a great way to grow—both internally and externally. FAILURE = PERSPECTIVE We've all been through it: buried in emails, behind on deadlines, and juggling meetings. Here's my rule of thumb: If you can find someone who can do something 80% as well as you, delegate it. Every time. If they succeed with that task, awesome. Hand off more to them and watch their confidence soar. But don't see it as a setback if they fail. Failure can be a powerful lens. Shift your perspective on what needs to change for growth and success. Failure may also be a sign that you need to change your approach as a leader. Collaborate with the leadership team to analyze what went wrong and implement tools for success next time. The big takeaway: Get comfortable with failure. It's proof that you're moving fast, pushing boundaries, and learning along the way. The goal is progress, not perfection. LETTING GO TO SCALE AND SUCCEED Handing over the reins can feel daunting, but it's a necessary step for growth. You can't scale with a workload that keeps you bogged down. Failing to delegate is failing to scale. Give your teams the space and opportunity to step up and flourish, and I am almost positive that you will start to see a fresh perspective turn into innovative ideas.
Yahoo
15 minutes ago
- Yahoo
C3 AI Selected for Constellation ShortList™ for Artificial Intelligence and Machine Learning Best-of-Breed Platforms for Q3 2025
Enterprise AI leader recognized for building, deploying and managing breakthrough AI and machine learning capabilities with flexibility and limitless scale REDWOOD CITY, Calif., August 14, 2025--(BUSINESS WIRE)--C3 AI (NYSE: AI), the Enterprise AI application software company, was selected for the Constellation ShortList™ for Artificial Intelligence and Machine Learning Best-of-Breed Platforms for Q3 2025. C3 AI has now been named to five ShortLists in past 18 months, further positioning C3 AI as the leading enterprise AI software provider for accelerating digital transformation. "At C3 AI, we provide services to build enterprise-scale AI applications more efficiently and cost-effectively. We're in the business of solving real business problems and cultivating social and economic growth through our efforts," said Thomas M. Siebel, Chairman and CEO, C3 AI. "Our ongoing recognition on Constellation ShortLists reaffirms what we know to be true: C3 AI's ability to create custom AI and ML models is a model for the industry, and the best is yet to come." C3 AI is recognized among 15 other technology vendors and service providers for offering all the tools, notebooks, diverse data science libraries, and collaborative monitoring tools a company needs to build, deploy and manage custom machine learning models. The platforms on this ShortList use both traditional and automated methods, and are steadily introducing no-code/low-code and automated capabilities. With these new capabilities, data-savvy team members can build and deploy machine learning models without deep data science expertise. "The vendors selected for this list are in a class of their own, chosen for their excellence in producing business value with flexibility and scale," said R "Ray" Wang, CEO and founder at Constellation Research. "Comprehensive vetting and research inform our recommendations, revealing why the listed vendors are the best AI and machine learning service providers on the market, with platforms and offerings that buy-side clients can depend on." About Inc. C3 AI (NYSE: AI) is the Enterprise AI application software company. C3 AI delivers a family of fully integrated products including the C3 AI Platform, an end-to-end platform for developing, deploying, and operating enterprise AI applications, C3 AI applications, a portfolio of industry-specific SaaS enterprise AI applications that enable the digital transformation of organizations globally, and C3 Generative AI, a suite of large AI transformer models for the enterprise. Disclaimer Constellation Research does not endorse any solution or service named in its research. View source version on Contacts Investor Relations ir@
