Cobalt International Energy Management Face New Investigation
On January 19, 2016, the United States District Court for the Southern District of Texas upheld securities class action claims against Cobalt International Energy, Inc. (NYSE: CIE) 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 currently own Cobalt stock and wish to obtain additional information about the investigation and your legal rights, please fill out our form (at right) or contact Miranda Kolbe either via email at email@example.com or by phone at 415-788-4220.