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Case Status:    ONGOING    
On or around 09/30/2020 (Date of last review)

Filing Date: September 24, 2020

According to the Complaint, Golar LNG Limited provides infrastructure for the liquefaction, transportation, regasification and downstream distribution of LNG. Hygo Energy Transition Ltd. f/k/a Golar Power Limited (“Hygo”) is a joint venture between Golar and investment vehicles affiliated with Stonepeak Infrastructure Partners. Hygo was formed to develop, own and operate integrated LNG-based transportation, downstream solutions and associated terminal and power generation infrastructure.

The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that certain employees, including Hygo’s CEO, had bribed third parties, thereby violating anti-bribery policies; (2) that, as a result, the Company was likely to face regulatory scrutiny and possible penalties; (3) that, as a result of the foregoing reputational harm, Hygo’s valuation ahead of its IPO would be significantly impaired; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas - Integrated
Headquarters: Bermuda

SECURITIES INFORMATION:

Ticker Symbol: GLNG
Company Market: NASDAQ
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. New York
DOCKET #: 20-CV-07926
JUDGE: Hon. Jesse M. Furman
DATE FILED: 09/24/2020
CLASS PERIOD START: 04/30/2020
CLASS PERIOD END: 09/24/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP (NY)
  2. The Law Offices of Frank R. Cruz
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available