NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of investors who purchased Cobalt International Energy, Inc. (NYSE:CIE) securities between February 21, 2012 through November 4, 2014.
For more information, click here: http://zlk.9nl.com/cobalt-internationalenergy-cie.
The complaint alleges that Cobalt and certain of its officers violated securities laws by failing to disclose certain facts regarding the true value of its Lontra and Loengo wells in Angola and reports of questionable business practices.
On December 3, 2013, Cobalt shares dropped $4.72 to close at $17.51 per share after the Company revealed the Lontra well held large amount of gas, as opposed to previously held predictions of billions of barrels of oil. On August 5, 2014, the SEC issued the Company a Wells Notice which recommended enforcement action against Cobalt for possible violation of securities laws relating to its practice of gaining access to Angolan wells by partnering with shell companies in Angola that were partially owned by high-level Angolan officials. This news caused Cobalt stock to drop again, to close at $14.22. Finally on November 4, 2014, the Company’s stock fell another $1.21 to close at $10.07 when it was revealed that the Loengo well had neither oil nor gas, despite claims that it was rich in both.
If you suffered a loss in Cobalt you have until February 2, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/cobalt-internationalenergy-cie.
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