Shareholders who lost money on Civitas Resources, Inc. (CIVI) Should Contact Wolf Haldenstein

/EIN News/ -- NEW YORK, May 09, 2025 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP, a distinguished law firm with over 125 years of history, informs investors that a class action lawsuit has been filed against Civitas Resources, Inc. ("Civitas " or the "Company") (NYSE: CIVI) on behalf of a class consisting of all investors that purchased or otherwise acquired Civitas securities between February 27, 2024 and February 24, 2025, both dates inclusive (the "Class Period").

Deadline to sign up:

If you are an investor who bought or otherwise acquired Civitas securities during the Class Period, you have until July 1, 2025, to ask the Court to appoint you as Lead Plaintiff for the class.

PLEASE CLICK HERE TO JOIN THE CASE AND SUBMIT CONTACT INFORMATION

What happened:

The filed complaint alleges that throughout the Class Period, the defendants made materially false, misleading and potentially damaging statements regarding the Business Operations of Civitas. These include unvalidated claims about the Company's status, capabilities, and prospects, which have had considerable adverse effects on investors who relied on the information shared.

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.

Additionally, on February 24, Civitas outlined 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

Why Wolf Haldenstein Adler Freeman & Herz LLP?:

This illustrious firm, founded in 1888, is steadfast in their pursuit of justice for investors who have suffered financial harm due to these misrepresented statements. The law firm brings to the fore over 125 years of legal expertise in securities litigation and has a proven track record of protecting the rights of investors.

We encourage all investors who have been affected or have information that will assist in our investigation, to contact Wolf Haldenstein Adler Freeman & Herz LLP.

Contact:

• Phone: (800) 575-0735 or (212) 545-4774
• Email: classmember@whafh.com
• Contact Person: Gregory Stone, Director of Case and Financial Analysis
  

Firm Website: Wolf Haldenstein Adler Freeman & Herz LLP