| Company: | Cobalt International Energy, Inc |
| Ticker Symbol: | CIE |
| Class Period: | Feb-21-12 to Nov-4-14 |
| Date Filed: | Dec-22-14 |
| Lead Plaintiff Deadline: | Feb-20-15 |
| Court: | --- |
| Allegations: | |
The actions charge Cobalt, certain Cobalt senior executives and directors, the underwriters of Cobalt' stock offerings, and certain investment firms that had representatives on the Cobalt Board of Directors during the Class Period with violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934. Cobalt is an oil exploration and production company headquartered in Houston, Texas with operations in the Gulf of Mexico and offshore West Africa.
The actions allege that during the Class Period, Cobalt and certain of its senior executives issued materially false and misleading statements to the public about Cobalt' operations in the Republic of Angola and the value of its wells in Angola. Defendants claimed that Cobalt was a company with "world class,""large"and "oil-focused"wells in the Republic of Angola and claimed that the Company gained access to those wells in compliance with the U.S. Foreign Corrupt Practices Act (or "FCPA"). In truth, Cobalt obtained access to its Angolan wells by partnering with shell companies in Angola that were partially owned by high-level Angolan officials, putting the Company at serious risk of enforcement action by the Securities and Exchange Commission ("EC") and the U.S. Department of Justice ("DOJ") for violations of the FCPA and the federal securities laws. In addition, Cobalt misrepresented the value of its wells in Angola after the Company learned that they contained very little or no oil.
Investors first began to learn the defendants' wrongful conduct when: (i) on December 1, 2013, the Company revealed negative results from its Lontra well offshore Angola; (ii) on August 5, 2014, Cobalt announced that the SEC had escalated its investigation of Cobalt for possible violations of the federal securities laws by issuing a Wells Notice to Cobalt; and (iii) on November 4, 2014, Cobalt disclosed negative results regarding its Loengo well offshore Angola. In response to these disclosures, the prices of Cobalt securities fell sharply.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
