BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of Cobalt International Energy, Inc. (“Cobalt” or the “Company”) (NYSE:CIE). The investigation concerns possible violations of federal securities laws and focuses on statements issued by Cobalt concerning the Company’s business and operations.
Cobalt is engaged in the exploration and production of oil-focused and below-salt exploration prospects in the deepwater of the U.S. Gulf of Mexico. The investigation is related to a 2011 formal order of investigation issued by the U.S. Securities and Exchange Commission related to Cobalt’s operations in Angola and potential liabilities under the U.S. Foreign Corrupt Practices Act.
On August 5, 2014, Cobalt disclosed that the Company received a “Wells Notice” in connection with the SEC’s investigation, stating that the Staff of the SEC has made a preliminary determination to recommend that the SEC institute an enforcement action against the Company, alleging violations of certain federal securities laws. According to the Company, “the Staff may recommend that the SEC seek remedies that could include an injunction, a cease-and-desist order, disgorgement, pre-judgment interest and civil money penalties.” Following this news, Cobalt shares dropped approximately 11 percent, or $1.75 per share, to a closing price of $14.22 on August 5, 2014.
If you purchased Cobalt securities, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.