Processing your request


please wait...

Case Page

 

Case Status:    ONGOING    
On or around 02/13/2024 (Date of last review)

Filing Date: February 05, 2024

According to the Complaint, Brooge Energy Limited went public through a SPAC merger on December 20, 2019 and is engaged in oil storage and related services.

The Complaint alleges Defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Brooge materially overstated its revenues because it never received any revenues from Al Brooge International Advisory LLC ("BIA"), as well as another fictitious customer; (2) Brooge engaged in a complex pattern of payments with BIA to create the illusion of revenues from BIA and another customer that had no knowledge of the fraud; (3) Brooge intentionally lied to its auditors and the Securities and Exchange Commission about its fraudulent activities; (4) Brooge lacked internal controls; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Protected Content


Please Log In or Sign Up for a free account to access restricted features of the Clearinghouse website, including the Advanced Search form and the full case pages.

When you sign up, you will have the option to save your search queries performed on the Advanced Search form.