ExxonMobil did not defraud their investors per this ruling. The state of New York tried to make the case that an internal pricing of carbon for various projects did not match the carbon pricing shared externally to investors. Interestingly there was never a discussion on what the actual price of carbon was vs. any of these estimates. The judge seemed to believe that ExxonMobil was making an effort to track a largely unknown factor and was not defrauding the investor community by providing one number while using different numbers for different projects. For those of us who have tried to make assumptions for large projects, this is good hear as we know that most assumptions are wrong!
The judge also was clear that this was not a judgement on whether ExxonMobil should be held liable for carbon emissions in the "production" of oil & gas.