PHILADELPHIA, June 16, 2025 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities class action lawsuit has been filed against Civitas Resources, Inc. (“Civitas” or the “Company”) (NYSE: CIVI) on behalf of purchasers of Civitas securities between February 27, 2024 through February 24, 2025, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired Civitas securities during the Class Period may, no later than JULY 1, 2025, seek to be appointed as a lead plaintiff representative of the class. To learn your rights, CLICK HERE.
According to the complaint, throughout the Class Period, Defendants failed to disclose that: (i) Civitas was highly likely to significantly reduce its oil production in 2025 due in part to declines after the production peak at the DJ Basin in the fourth quarter of 2024; (ii) increasing its oil production would require the Company to acquire additional acreage and development locations; (iii) the Company would need to implement disruptive cost-reduction measures.
On February 24, 2025, Civitas announced its Q4 and full-year 2024 financial results, which included revenue of $1.29 billion, missing consensus estimates by $3.44 million, and non-GAAP earnings per share of $1.78 for the quarter, missing consensus estimates by $0.21 per share. In addition, Civitas reported net income of $151.1 million, or $1.57 per share, compared with $302.9 million, or $3.23 per share, in the year-ago quarter.
Also on February 24, Civitas issued a press release outlining the Company’s 2025 outlook, which noted that, compared to Q4 2024, “lower volumes are primarily driven by the DJ Basin, due to natural declines following peak production in the fourth quarter.” In addition, Civitas announced a 10% reduction in its workforce across all levels.
Finally, the Company announced the termination of its Chief Operating Officer Hodge Walker and Chief Transformation Officer Jerome Kelly.
On this news, Civitas's stock price fell $8.95 per share, or 18%, to close at $40.35 per share on February 25, 2025.
To learn your rights or for more information, CLICK HERE or please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
phamner@bm.net
