An investigation on behalf of current long term investors in NYSE:CIE shares over possible breaches of fiduciary duty by certain Cobalt International Energy’s officers and directors was announced and current long-term NYSE:CIE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (ReleaseWire) -- 03/25/2015 -- An investigation on behalf of current investors who hold NYSE:CIE shares long-term was launched concerning whether the officers and directors of Cobalt International Energy, Inc. (NYSE:CIE) breached their fiduciary duties to Cobalt and its shareholders by exposing Cobalt to civil liability for failing to disclose the true value of its Lontra and Loenga wells in Angola.
Investors who purchased shares of Cobalt International Energy, Inc. (NYSE:CIE) in 2010 or earlier and currently hold any of those NYSE:CIE shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Cobalt International Energy officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On August 4, 2014, Cobalt International Energy, Inc received a "Wells Notice" from the Staff of the U.S. Securities and Exchange Commission (the "SEC") stating that the Staff has made a preliminary determination to recommend that the SEC institute an enforcement action against Cobalt International Energy, Inc, alleging violations of certain federal securities laws. Cobalt International Energy, Inc said it intends to respond to the Wells Notice in the form of a "Wells Submission" in due course. Cobalt International Energy, Inc stated it is currently subject to a formal order of investigation issued in 2011 by the U.S. Securities and Exchange Commission (the "SEC") related to its operations in Angola and that it may be exposed to liabilities under the U.S. Foreign Corrupt Practices Act.
On November 4, 2014, Cobalt International Energy, Inc. announced its third quarter 2014 results and provided an operational update. Cobalt International Energy, Inc said that its net loss for the third quarter of 2014 included $55 million of impairment charges associated primarily with the Loengo well drilled offshore Angola and wells previously announced in the Gulf of Mexico.
Shares of Cobalt International Energy, Inc. (NYSE:CIE) declined from over $34 per share in February 2012 to as low as $7.40 per share on December 12, 2014.
On March 23, 2015, NYSE:CIE shares closed at $9.26 per share.
Those who purchased shares of Cobalt International Energy, Inc. (NYSE:CIE) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
For more information on this press release visit:
Media Relations Contact
Email: Click to Email Michael Daniels