WEST HARTFORD, CT--(Marketwire - Jul 20, 2012) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Texas on behalf of purchasers of the common stock of Kosmos Energy Ltd. ("Kosmos" or the "Company") (NYSE: KOS) pursuant and/or traceable to the IPO on or about May 12, 2011 through November 10, 2011.
The Complaint alleges that Kosmos and certain of its officers, directors and the underwriters of its IPO violated the federal securities laws. The Complaint alleges that the Registration Statement and Prospectus contained untrue statements of material facts and omitted other facts necessary to make the statements made therein not misleading. Specifically, the Registration Statement and Prospectus misstated the progress Kosmos had made in developing the Jubilee oil field. The Registration Statement and Prospectus were materially false because, at the time of the IPO, gross oil production from the Jubilee field was not on track to reach its design capacity of 120,000 BOPD by the third quarter of 2011. Rather, several of the Jubilee oil wells were not producing as expected due to design defects with the oil wells -- defects which existed at the time of completion and pre-dated the IPO. These defects would cost Kosmos hundreds of millions of dollars to remediate, and would keep the Jubilee oil wells from producing as expected for several years.
If you are a member of the class, you may, no later than September 10, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/kosmos/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: email@example.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.