Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Cobalt International Energy, Inc. -- CIE


NEW YORK, Dec. 5, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas, on behalf of all persons who purchased or otherwise acquired Cobalt International Energy, Inc. ("Cobalt" or the "Company") (NYSE:CIE) securities during the period between February 21, 2012 and November 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 (the "Exchange Act").

The Complaint alleges that during the Class Period, the Company's stock declined $4.72, to close at $17.51 per share on December 3, 2013, after the Company revealed that its Lontra well held large amounts of gas, rather than the previously predicted billion barrels of oil. The Complaint further alleges that the U.S. Securities and Exchange Commission ("SEC") had issued the Company a Wells Notice recommending enforcement action against the Company for possible violations of the federal securities laws. On this news, the Company stock declined 11%, to close at $14.22 on August 5, 2014. Shortly thereafter, the Company's stock dropped $1.21, to close at $10.07 on November 4, 2014, after the Company revealed that testing of the Loengo well found that neither oil nor gas were present despite prior claims that the well was a large, oil-focused high impact well.

If you wish to serve as lead plaintiff, you must move the Court no later than February 2, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

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