Stull, Stull & Brody Announces the Investigation of Possible Breaches of Fiduciary Duties of Officers and Directors of Cobalt...
19 December 2014 - 10:45AM
Attorney Advertising. Stull, Stull & Brody, a New York based
law firm with offices in Beverly Hills that specializes in
representing investors nationwide, announces that a federal
securities fraud lawsuit has been filed and that it has commenced
an investigation into possible breaches of fiduciary duty by the
directors and officers of Cobalt International Energy, Inc.
("Cobalt" or the "Company") (NYSE:CIE).
As alleged in the federal securities fraud lawsuit, Cobalt has
portrayed itself as a company with "world class," "large" and
"oil-focused" wells in the Republic of Angola and claimed that the
Company gained access to those wells in compliance with the U.S.
law outlawing the bribery of foreign officials (the Foreign Corrupt
Practices Act or "FCPA"). In truth, Cobalt obtained access to its
Angolan wells from the Republic of Angola by partnering with shell
companies in Angola that were partially owned by high-level Angolan
officials, putting the Company at serious risk of enforcement
action by the SEC and U.S. Department of Justice ("DOJ") for
violations of the FCPA and the federal securities laws. In
addition, Cobalt misrepresented the value of its wells in Angola
after the Company learned that they contained very little or no
oil.
Stull, Stull & Brody is investigating, among other things,
whether there were breaches of fiduciary duties in connection with
(1) violations of the Company's policies by its executives,
including violations of the Foreign Corrupt Practices Act (the
"FCPA"); (2) wasting of corporate assets; (3) the adequacy of
Cobalt's internal controls, and; (4) the accuracy of Cobalt's
financial statements.
If you are a shareholder of Cobalt and have questions about your
legal rights or interests with respect to these matters, please
contact Michael Klein, Esq. at Stull, Stull & Brody by e-mail
at CIE@ssbny.com, by calling toll-free 1-800-337-4983, by fax to
1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East
45th Street, New York, NY 10017. You can also visit our website
at www.ssbny.com.
You may retain Stull, Stull & Brody, or other counsel of
your choice, to represent you. Stull, Stull & Brody has
litigated many class actions for violations of securities laws in
federal courts over the past 40 years and has obtained court
approval of substantial settlements on numerous occasions. Stull,
Stull & Brody maintains offices in New York and Beverly
Hills.
Attorney Advertising. Prior Results Do Not Guarantee A Similar
Outcome.