Cobalt International Energy, Inc. Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors

DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Cobalt International Energy, Inc. (“Cobalt” or “Company”) (NYSE: CIE) and several officers and directors for acts taken during the period of February 21, 2012 to November 4, 2014 (the “Class Period”).

Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Cobalt. If you are an affected Cobalt shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, [phone], or via email at [e-mail], or Patrick Powers at Powers Taylor LLP, toll free [phone], or via e-mail at [e-mail]. There is no cost or fee to you.

In the complaint, the defendants are alleged to have violated certain provisions of the Foreign Corrupt Practices Act (“FCPA”) to gain access to wells in the Republic of Angola. These violations put the Cobalt at serious risk of enforcement action by the Securities and Exchange Commission (“SEC”) and U.S. Department of Justice (“DOJ”). Additionally, the defendants misrepresented the value of the Angola wells after learning that they contained little or no oil, causing Cobalt stock to be artificially inflated during the class period.

Cobalt disclosed to investors on August 4, 2014 that the SEC planned to charge Cobalt for possible violations of the federal securities laws related to the Angola well operations. Then, on November 4, 2014, Cobalt disclosed negative results regarding its Loengo well. On this announcement, share prices fell approximately 11%.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.