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.
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