Entwistle & Cappucci LLP and Bernstein Litowitz Berger & Grossmann LLP Announce Proposed Class Action Settlement Involving All Persons Who Purchased Cobalt International Energy, Inc. Common Stock

HOUSTON, Dec. 18, 2018 /PRNewswire/ --

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENTS; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:     All persons and entities who, during the period between March 1, 2011 and November 3, 2014, inclusive (the "Class Period") purchased or otherwise acquired the common stock of Cobalt International Energy, Inc. ("Cobalt"), Cobalt 2.625% Convertible Senior Notes due 2019, and/or Cobalt 3.125% Convertible Senior Notes due 2024 (collectively, "Cobalt Securities"), and were damaged thereby (the "Settlement Class"):

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of Texas, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full printed Notice of (I) Pendency of Class Action and Proposed Settlements; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").

YOU ARE ALSO NOTIFIED that Plaintiffs in the Action have reached three proposed settlements, that, if approved, will resolve all claims in the Action against the "Settling Defendants," including:

The total recoveries from the Sponsor/GS&Co., Underwriter and Cobalt Settlements (the "Settlements") should total between $173,800,000 and $335,300,000 (the "Settlement Fund").

A hearing will be held on February 13, 2019 at 10:00 a.m., before the Honorable Nancy F. Atlas at the United States District Court for the Southern District of Texas, United States Courthouse, 515 Rusk Avenue, Houston, TX 77002, to determine (i) whether the proposed Settlements should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against the Settling Defendants, and the Releases specified and described in the respective Stipulation and Agreement of Settlement governing each Settlement (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.  Each of the three proposed Settlements stands alone and none is contingent on the Court's approval of the other Settlements.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlements, and you may be entitled to share in the Settlement Fund.  If you have not yet received the Notice and Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at In re Cobalt International Energy, Inc. Securities Litigation, c/o Epiq, P.O. Box 4109, Portland, OR 97208-4109, 1-877-440-0638.  Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.CobaltSecuritiesLitigation.com. 

If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlements, you must submit a Claim Form postmarked no later than April 4, 2019.  If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlements but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than January 23, 2019, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action with respect to the Settling Defendants and you will not be eligible to share in the proceeds of the Settlements. 

Any objections to the proposed Settlements, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than January 23, 2019, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, Cobalt, the other Settling Defendants or their counsel regarding this notice.  All questions about this notice, the proposed Settlements, or your eligibility to participate in the Settlements should be directed to Lead Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

Andrew J. Entwistle, Esq.
ENTWISTLE & CAPPUCCI LLP
299 Park Avenue, 20th Floor
New York, NY 10171
(212) 894-7200
[email protected]

David R. Stickney, Esq.
BERNSTEIN LITOWITZ BERGER
& GROSSMANN LLP
12481 High Bluff Drive, Suite 300
San Diego, CA 92130-3582
1-800-380-8496
[email protected]

Requests for the Notice and Claim Form should be made to:

In re Cobalt International Energy, Inc. Securities Litigation   
c/o Epiq
P.O. Box 4109
Portland, OR 97208-4109
877-440-0638
www.CobaltSecuritiesLitigation.com

                                                                                                                        By Order of the Court

SOURCE United States District Court for the Southern District of Texas

Related Links

http://www.CobaltSecuritiesLitigation.com