Update in Lawsuit for Investors in Cobalt International Energy, Inc. (NYSE:CIE) Shares Announced by Shareholders Foundation
SAN DIEGO, Feb. 03, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit is pending in Texas on behalf of certain purchasers of shares of Cobalt International Energy, Inc. (NYSE:CIE) over alleged Securities Laws Violations by Cobalt International Energy.
Investors who purchased shares of Cobalt International Energy, Inc. (NYSE:CIE) in 2010 or earlier and continue to hold any of those (NYSE:CIE) shares have also certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On August 4, 2014, Cobalt International Energy, Inc received a “Wells Notice” from the Staff of the U.S. Securities and Exchange Commission (the “SEC”) stating that the Staff has made a preliminary determination to recommend that the SEC institute an enforcement action against Cobalt International Energy, Inc, alleging violations of certain federal securities laws.
On November 4, 2014, Cobalt International Energy, Inc. announced its third quarter 2014 results and provided an operational update. Cobalt International Energy, Inc said that its net loss for the third quarter of 2014 included $55 million of impairment charges associated primarily with the Loengo well drilled offshore Angola and wells previously announced in the Gulf of Mexico.
On November 30, 2014, a lawsuit was filed against Cobalt International Energy Inc, certain of its senior executives and directors, the underwriters of its securities offerings and certain investment firms that controlled the Company over alleged violations of Federal Securities Laws. The plaintiff alleged that Cobalt International Energy and certain of its senior executives violated provisions of the Exchange Act by issuing materially false and misleading press releases, filings with the SEC, and statements during investor conference calls. The Complaint also alleges that in connection with above stated Offerings, Cobalt International Energy issued securities pursuant to materially misstated filings with the SEC.
In May 2015 the lead plaintiff filed an amended consolidated complaint and in June 2015 the defendants filed their motion to dismiss the case. However, on January 19, 2016, the court denied in part the motion to dismiss the case.
Those who purchased Cobalt International Energy, Inc. (NYSE:CIE) in 2010 or earlier and continue to hold any of those (NYSE:CIE) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at firstname.lastname@example.org or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Shareholders Foundation, Inc.
+1 (858) 779-1554
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San Diego, CA 92108
(February 3, 2016 - 10:15 AM EST)
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