An investor in NYSE:CIE shares filed a lawsuit against certain Cobalt International Energy directors over alleged breached their fiduciary duties by exposing Cobalt to civil liability for failing to disclose the true value of its Lontra and Loenga wells in Angola.
Shares of Cobalt International Energy, Inc. declined from over $34 per share in February 2012 to as low as $7.40 per share on December 12, 2014.
Investors who purchased shares of Cobalt International Energy, Inc. (NYSE:CIE) in 2010 or earlier and currently hold any of those NYSE:CIE shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The plaintiff alleges that Cobalt International Energy directors caused damages to the company and its shareholders. The plaintiff says that the defendants made allegedly misleading statements concerning the existence of oil in two of the company’s major wells located offshore of Angola.
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. Cobalt International Energy, Inc said it intends to respond to the Wells Notice in the form of a “Wells Submission” in due course. Cobalt International Energy, Inc stated it is currently subject to a formal order of investigation issued in 2011 by the U.S. Securities and Exchange Commission (the “SEC”) related to its operations in Angola and that it may be exposed to liabilities under the U.S. Foreign Corrupt Practices Act.
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 May 24, 2016, NYSE:CIE shares closed at $2.51 per share.
Those who purchased NYSE:CIE shares have certain options and should contact the Shareholders Foundation.
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