NEW YORK, Dec. 19, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class action lawsuit against Cobalt International Energy, Inc. ("Cobalt" or the "Company") (NYSE:CIE) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, and docketed under 14-cv-03488, is on behalf of a class consisting of all persons or entities who purchased Cobalt securities between February 21, 2012 and August 4, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
If you are a shareholder who purchased Cobalt securities during the Class Period, you have until February 2, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Cobalt is an independent, oil-focused exploration and production company with operations offshore Angola and Gabon in West Africa.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company conducted certain business activities in its Angolan operations in violation of the Foreign Corrupt Practices Act; and (2) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On August 5, 2014, Cobalt disclosed in a filing with the SEC Form 8-K that it had received a notice from the Securities and Exchange Commission indicating the agency will bring an enforcement action against the Company over its Angolan operations.
On the news, shares in Cobalt fell $1.75 per share, or 10.96%, to close at $14.22 on August 5, 2014 on extremely heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.