An investigation was announced for investors who hold NYSE:CIE shares concerning whether Cobalt International Energy directors 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.
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 concerns whether certain Cobalt International Energy directors caused damages to the company and its shareholders.
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 March 14, 2016, NYSE:CIE shares closed at $3.21 per share.
Those who purchased NYSE:CIE shares 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