The Shareholders Foundation announced that an investigation on behalf of current long-term investors in shares of Cobalt International Energy, Inc. (NYSE:CIE) is ongoing concerning potential breaches of fiduciary duties by certain Cobalt International Energy directors and officers.
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 mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NYSE:CIE stocks follows a lawsuit filed recently against Cobalt International Energy, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:CIE stocks, concerns whether certain Cobalt International Energy officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of Texas the plaintiff alleges that Cobalt International Energy and certain of its senior executives violated provisions of the Exchange Act by issuing materially false and misleading press releases, filings with the Securities and Exchange Commission (“SEC”), and statements during investor conference calls. The Complaint also alleges that in connection with above stated Offerings, Cobalt International Energy issued securities pursuant to materially misstated filings with the SEC.
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. Shares of Cobalt International Energy, Inc. (NYSE:CIE) declined from over $30 per share in August 2013 to as low as $7.43 per share on December 16, 2014.
On January 30, 2015, NYSE:CIE shares closed at $9.12 per share.
Those who purchased shares of Cobalt International Energy, Inc. (NYSE:CIE) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com