Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Cobalt International Energy, Inc.
WAYNE, Pa. , Dec. 5, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Southern District of Texas on behalf of investors who purchased or otherwise acquired Cobalt International Energy, Inc. ("Cobalt" or the "Company") (NYSE: CIE) securities between February 21, 2012 and November 4, 2014, inclusive (the "Class Period") including persons who purchased or otherwise acquired: (i) Cobalt securities on the open market; (ii) Cobalt's common stock pursuant and/or traceable to registered public offerings conducted on or about February 23, 2012, January 16, 2013 and May 8, 2013; and/or (iii) Cobalt's 2.65% Convertible Senior Notes due 2019, pursuant and/or traceable to the registered public offering conducted on or about December 12, 2012, and/or Cobalt Convertible Senior Notes due 2024, pursuant and/or traceable to the registered public offering conducted on or about May 8, 2014 (collectively, the "Offerings").
Cobalt shareholders may, no later than February 2, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Cobalt and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/cie.
The Complaint alleges that during the Class Period, Cobalt 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 the Offerings, the Company issued securities pursuant to materially misstated filings with the SEC.
As alleged, Cobalt has portrayed itself as a company with "world class," "large" and "oil-focused" wells in the Republic of Angola and claimed that the Company gained access to those wells in compliance with the U.S. law outlawing the bribery of foreign officials (the Foreign Corrupt Practices Act or "FCPA"). In truth, Cobalt obtained access to its Angolan wells from the Republic of Angola by partnering with shell companies in Angola that were partially owned by high-level Angolan officials, putting the Company at serious risk of enforcement action by the SEC and U.S. Department of Justice ("DOJ") for violations of the FCPA and the federal securities laws. In addition, Cobalt misrepresented the value of its wells in Angola after the Company learned that they contained very little or no oil.
As a result of the Company's statements to investors, the prices of Cobalt's stock and bonds were artificially inflated during the Class Period. Investors first began to learn the truth when: (1) on December 1, 2013, the Company revealed negative results from its Lontra well; (2) on August 5, 2014, Cobalt announced that the SEC had escalated its then-ongoing investigation of the Company for possible violations of the federal securities laws by issuing Cobalt a Wells Notice; and (3) on November 4, 2014, Cobalt disclosed negative results regarding its Loengo well.
On this news, shares of Cobalt fell $1.31 per share, or approximately 11.51%, to close at $10.07 per share on November 4, 2014.
If you are a member of the class, you may, no later than February 2, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
877-316-3218
[email protected]
www.rmclasslaw.com/cases/cie
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SOURCE Ryan & Maniskas, LLP
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