SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

January 02, 2015 13:05 ET

SHAREHOLDER ALERT: LEVI & KORSINSKY, LLP Notifies Investors of Class Action Against Cobalt International Energy, Inc. and Its Board of Directors and a Lead Plaintiff Deadline of February 2, 2015 -- CIE

NEW YORK, NY--(Marketwired - Jan 2, 2015) - Levi & Korsinsky 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.

For more information, click here: http://zlk.9nl.com/cobalt-internationalenergy-cie.

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 business practices.

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 held 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 violation 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.

If you suffered a loss in Cobalt you have until February 2, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/cobalt-internationalenergy-cie

Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 24th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (866) 367-6510
    www.zlk.com