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Case Status:    ONGOING    
On or around 04/04/2016 (Ongoing date of last review)

Filing Date: November 30, 2014

According to the law firm press release, Cobalt is an oil exploration and production company headquartered in Houston, Texas with operations in the Gulf of Mexico and offshore West Africa.

As alleged in the Complaint, 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.

As a result of the Company’s statements to investors, the prices of Cobalt’s stock and bonds were artificially inflated during the Class Period. Investors first began to learn the truth when: (i.) on December 1, 2013, the Company revealed negative results from its Lontra well; (ii.) on August 5, 2014, Cobalt announced that the SEC had escalated its then-ongoing investigation of the Company for possible violations of the federal securities laws by issuing Cobalt a Wells Notice; and (iii.) on November 4, 2014, Cobalt disclosed negative results regarding its Loengo well. In response to these disclosures, the prices of Cobalt securities fell sharply and investors incurred significant losses as a result.

On March 3, 2015, the Court issued an Order appointing lead plaintiffs and approving lead counsel. Lead Plaintiffs filed a consolidated and amended complaint on May 1.

On January 19, 2016, the Court issued an Order denying in part and granting in part Defendants' Motion to Dismiss. Plaintiffs were given leave to replead.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas Operations
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CIE
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Texas
DOCKET #: 14-CV-03428
JUDGE: Hon. Nancy F. Atlas
DATE FILED: 11/30/2014
CLASS PERIOD START: 02/21/2012
CLASS PERIOD END: 11/04/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Klausner, Kaufman, Jensen & Levinson
    10059 Northwest 1st Court, Klausner, Kaufman, Jensen & Levinson, FL 33324
    954.916.1202 954.916.1232 ·
  3. Martin & Drought, P.C.
    300 Convent St. Bank of America Plaza, 25th Floor , Martin & Drought, P.C., TX 78205
    (210) 227-7591 ·
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 14-CV-03428
JUDGE: Hon. Nancy F. Atlas
DATE FILED: 05/01/2015
CLASS PERIOD START: 03/01/2011
CLASS PERIOD END: 11/03/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Ajamie LLP
    711 Louisiana, Suite 2150, Ajamie LLP, TX 77002
    713.860.1600 713.860.1699 ·
  2. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  3. Entwistle & Cappucci LLP
    299 Park Avenue, 14th Floor, Entwistle & Cappucci LLP, NY 10171
    212.894.7200 212.894.7272 · info@entwistle-law.com
  4. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
    280 King of Prussia Road, Kessler Topaz Meltzer & Check LLP (Pennsylvania), PA 19087
    610.667.7706 610.667.7706 · info@ktmc.com
  5. Klausner, Kaufman, Jensen & Levinson
    10059 Northwest 1st Court, Klausner, Kaufman, Jensen & Levinson, FL 33324
    954.916.1202 954.916.1232 ·
  6. Martin & Drought, P.C.
    300 Convent St. Bank of America Plaza, 25th Floor , Martin & Drought, P.C., TX 78205
    (210) 227-7591 ·
  7. Motley Rice LLC (Mount Pleasant)
    28 Bridgeside Boulevard, Motley Rice LLC (Mount Pleasant), SC 29464
    843.216.9000 843.216.9450 · inquiry@motleyrice.com
No Document Title Filing Date