NEW YORK, Dec. 16, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of investors who purchased Cobalt International Energy, Inc. (NYSE:CIE) securities between February 21, 2012 through November 4, 2014. The deadline to move for Lead Plaintiff status is February 2, 2015.
The complaint alleges that Cobalt and certain of its officers violated securities laws by failing to disclose certain facts regarding the true value of its Lontra and Loengo wells in Angola and reports of questionable and unsustainable business practices, including illegal bribes to Angolan government officials.
On December 3, 2013, Cobalt shares dropped $4.72 to close at $17.51 per share after the Company revealed the Lontra well held large amount of gas, as opposed to previously stated predictions of billions of barrels of oil. On August 5, 2014, the SEC issued the Company a Wells Notice, which recommended enforcement action against Cobalt for possible violations of securities laws relating to its practice of gaining access to Angolan wells by partnering with shell companies in Angola that were partially owned by high-level Angolan officials. This news caused Cobalt stock to drop again, to close at $14.22. Finally on November 4, 2014, the Company's stock fell another $1.21 to close at $10.07 when it was revealed that the Loengo well had neither oil nor gas, despite claims that it was rich in both.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "Cobalt investigation."
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