SAN FRANCISCO, Jan. 16, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds investors of the February 2, 2015 Lead Plaintiff Deadline in the securities lawsuit against Cobalt International Energy, Inc. (NYSE:CIE) ("Cobalt" or "the Company"). The suit is pending in U.S. District Court for the Southern District of Texas.
The complaint was filed on behalf of investors who purchased Cobalt securities between February 21, 2012 and November 4, 2014 (the "Class Period"), including purchasers of (i) Cobalt's common stock pursuant and/or traceable to registered public offerings conducted on or about February 23, 2012, January 16, 2013 and May 8, 2013; (ii) Cobalt's 2.65% Convertible Senior Notes due 2019, pursuant and/or traceable to the registered public offering conducted on or about December 12, 2012; and/or (iii) Cobalt Convertible Senior Notes due 2024, pursuant and/or traceable to the registered public offering conducted on or about May 8, 2014 (collectively, the "Offerings").
If you purchased Cobalt securities during the Class Period, you may contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by calling (510) 725-3000, emailing CIE@hbsslaw.com or visiting http://hb-securities.com/investigations/CIE. No class has been certified in this case. Any member of the Class who purchased shares in the relevant time period may ask the Court to appoint them as lead plaintiff.
Cobalt is an oil exploration and production company headquartered in Houston, Texas, with operations in the Gulf of Mexico and offshore West Africa. The complaint alleges that throughout the Class Period, Cobalt and certain senior executives made false and misleading statements related to its operations in the Republic of Angola. Specifically, the complaint alleges defendants' failed to disclose that Cobalt obtained access to its Angolan wells by indirectly partnering with shell companies in Angola that were partially-owned by government officials. This practice violated the Foreign Corrupt Practices Act and as a result the Company's financial statements were materially false and misleading during the Class Period.
Investors began to learn the truth about Cobalt's practices when the company disclosed in an August 5, 2014 Form 8-K filing that it had received a notice from the SEC that the agency will bring an enforcement action against the Company over its Angolan operations. On this news, Cobalt shares fell $1.75 per share, or 10.96%, to close at $14.22 on August 5, 2014.
"When companies resort to bribing officials to gain business, everyone loses," said Hagens Berman partner Reed Kathrein. "Had Cobalt conducted its business lawfully and been honest with shareholders, those shareholders would not have suffered this loss."
If you were negatively impacted by your investment in Cobalt securities between February 21, 2012 and November 4, 2014, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. No class has yet been certified in the above action.
Whistleblowers: Persons with non-public information regarding Cobalt should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. For more information, call Reed Kathrein at (510) 725-3000 or email CIE@hbsslaw.com.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm headquartered in Seattle, Washington with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm's Securities Newsletter at http://www.hb-securities.com/newsletter. The firm's blog is located at www.meaningfuldisclosure.com.
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