SAN FRANCISCO, March 22, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Brooge Energy Limited (NASDAQ: BROG) investors who suffered substantial losses to submit your losses now.
Class Period: Nov. 25, 2019 – Dec. 21, 2023
Lead Plaintiff Deadline: Apr. 5, 2024
Visit: www.hbsslaw.com/investor-fraud/brog
Contact An Attorney Now: BROG@hbsslaw.com
844-916-0895
Brooge Energy Limited (BROG) Securities Fraud Class Action:
On Dec. 21, 2023, the SEC announced that it had resolved fraud charges brought against Brooge Energy Limited, and its former CEO, Nicolaas Lammert Paardenkooper, and Lina Saheb, who served as Chief Strategy Officer and Interim CEO.
Brooge Energy consented to a settlement with the SEC, acknowledging violations of numerous federal securities law provisions, including antifraud and reporting requirements. The company was fined $5 million. Paardenkooper and Saheb also settled, agreeing to pay $100,000 each in civil penalties and accepting permanent bans from serving as officers or directors in any public companies.
But a recently filed securities class action suit seeks to recover additional monetary compensation for Brooge investors resulting the alleged fraud. Consistent with the SEC’s allegations, the complaint contends that Brooge inflated a substantial portion of its revenues – between 30 and 80 percent – in its filings with the SEC. The complaint alleges that the misreported revenues were critical to the company going public via a special purpose acquisition transaction.
The suit alleges that Defendants perpetrated the fraud by fabricating invoices designed to significantly boost the revenue figures from Brooge Energy’s oil operations in Fujairah, UAE. Over a three-year period, these false invoices reportedly overstated revenues by over $70 million. The complaint alleges that Paardenkooper and Saheb were knowingly involved in this fraudulent activity or deliberately reckless as to the accuracy of the company’s financial disclosures.
When the truth was revealed through the SEC’s Dec. 21, 2023 announcement, Brooge’s shares declined nearly 16%, injuring investors.
“We believe Brooge investors have not been fairly compensated for this brazen alleged fraud,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.
If you invested in Brooge Energy and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman »
If you’d like more information and answers to frequently asked questions about the Brooge Energy case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Brooge Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BROG@hbsslaw.com .
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895
