Azzad Asset Management, investment advisor to the Azzad Funds, announced today that it has added its voice to a growing campaign to investigate whether Exxon Mobil Corp. intentionally misled the public and its shareholders about the risks of climate change.
Earlier this month, Azzad, along with a group of socially responsible investment managers, sent a letter to the United States Department of Justice calling for an investigation. It read in part:
Recent reports have shown that Exxon knew about the threat of climate change decades ago. Yet over the course of nearly forty years, the company has contributed millions of dollars to think tanks and politicians that have done their best to spread doubt and misinformation — first on the existence of climate change, then the extent of the problem, and now its cause. If Exxon intentionally misled the public about climate change and fossil fuels, then they should be held accountable. We are calling for an immediate investigation.
The letter from investment industry leaders follows recent action by state law enforcement officials to put pressure on the energy company. Last month, a coalition of attorneys general announced their support for New York Attorney General Eric Schneiderman’s inquiry into potential fraud at Exxon Mobil. Attorneys general from Vermont, Maryland, Massachusetts, Virginia, Connecticut and the Virgin Islands, as well as former Vice President Al Gore, attended the event. Some see the current actions against Exxon Mobil and other fossil fuel companies as similar to lawsuits against tobacco companies in the recent past. Those lawsuits exacted billions of dollars in penalties.