By that logic, the Exxon Mobil will have to leave much of its oil in the ground, which means the company’s valuation of its reserves is off by a significant amount. And if the company’s own internal research shows that Exxon Mobil knows better, he added, “there may be massive securities fraud here.”Alan Jeffers, a spokesman for Exxon, dismissed the idea that its forecast could be viewed as fraudulent. “If it turns out to be wrong, that’s not fraud, that’s wrong,” he said. In the interview, however, Mr. Schneiderman said his focus lay elsewhere. The investigation, Mr. Schneiderman said, mirrors an earlier inquiry into a coal giant, Peabody Energy.

Source: New York Times August 19, 2016 09:33 UTC