The Wall Street Journal reports that ExxonMobil is suing two leftwing shareholder activist organizations for intentionally trying to depress the value of their stock. These two groups — Arjuna Capital and Follow This — are climate change agitators that hate fossil fuels.
This lawsuit is a BIG deal that may grind to a halt the subversive shareholder activities of leftwing activists who are hellbent on destroying our domestic energy industry.
Through a series of anti-fossil fuel resolutions, these activists are conspiring to force Exxon to stop producing oil and gas. Exxon asserts — with much merit in our opinion — that this is an illegal assault on the core activity of what Exxon does to make money: drill for energy. Without oil and gas production there is no Exxon. And the shareholders get wiped out.
Arjuna has been trying to bankrupt Exxon for years. In a famous 2019 trial, an Arjuna official testified that Exxon hid information on the alleged impact of fossil fuel use on global warming.
Bravo to Exxon for challenging these bottom feeders. As our friend David Bahnsen, a Wall Street investment guru, puts it: “Exxon is finally defending what they do for a living.”
EXACTLY! Oil and gas companies shouldn’t be embarrassed about providing the fuel that keeps our $25 trillion industrial economy operating.