Cobalt International Energy management faces new investigation
SAN FRANCISCO, Feb. 1, 2016 /PRNewswire/ -- Shareholder and consumer rights law firm Schubert Jonckheer & Kolbe LLP has launched an investigation into whether certain officers and directors of Cobalt International Energy, Inc. (NYSE: CIE) breached their fiduciary duties to Cobalt and its shareholders by failing to disclose the corrupt nature of its oil business in Angola as well as the true value of the Company's oil wells in that country.
On January 19, 2016, the United States District Court for the Southern District of Texas upheld securities class action claims against Cobalt and certain of its officers and directors. The class action alleges that during the period March 1, 2011 through November 3, 2014, the defendants misrepresented Cobalt's relationship with two Angolan entities – Nazaki and Alper – as being its "partners" in developing oil wells, when in fact they were actually sham entities, being used to funnel funds to the head of Angola's state-owned oil company and two top Angolan government officials. In addition, the class action alleges that the defendants misrepresented that Cobalt had several "large, oil focused high impact wells" in Angola, including its Lontra and Loenga wells, when in fact, the Lontra well was primarily gas based, rather than oil based, and its Loenga well actually contained neither oil nor gas.
The Schubert Law Firm's investigation concerns when and how much certain of Cobalt's officers and directors knew or should have known that Nazaki and Alper were sham partners in Angola, used as fronts by Angolan officials to personally enrich themselves, and that its Lontra and Loenga wells in Angola were not, as had been claimed, "large, oil focused high impact wells" after all.
If you are a long-term holder of Cobalt stock and wish to obtain additional information about the Schubert Law Firm's investigation and your legal rights, please contact Miranda Kolbe either via email at [email protected] or by telephone at (415) 788-4220, or fill out the form on our website at http://classactionlawyers.com/cobalt.
About Schubert Jonckheer & Kolbe
Schubert Jonckheer & Kolbe has extensive experience in prosecuting securities claims, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
SOURCE Schubert Jonckheer & Kolbe LLP
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