NEW YORK, Aug. 30, 2014 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Cobalt International Energy, Inc. ("Cobalt" or the "Company") (NYSE: CIE).
On August 5, 2014, Cobalt announced in a Form 8-K that in connection with an SEC investigation related to Cobalt's operations in Angola, the Company received a "Wells Notice" recommending that the SEC institute an enforcement action against Cobalt alleging violations of certain federal securities laws. The Company further announced that "the Staff may recommend that the SEC seek remedies that could include an injunction, a cease-and-desist order, disgorgement, pre-judgment interest and civil money penalties."
Following this news, the price of Cobalt stock declined by $1.75 per share, or over 10%, to close on August 5, 2014 at $14.22 per share.
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If you invested in Cobalt stock, bonds, or options prior to August 5, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/CIE. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Cobalt's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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