San Diego, CA -- (SBWIRE) -- 04/24/2012 -- An investigation for current long term investors in NYSE:CIE shares was announced concerning possible breaches of fiduciary duties by certain officers and directors at Cobalt International Energy, Inc. in connection with allegations over relationships with Angolan officials that might have violated the U.S. Foreign Corrupt Practices Act.
Investors who purchased shares of Cobalt International Energy, Inc. (NYSE:CIE) shares and currently hold those (or any of those) NYSE:CIE shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the investigation by a law firm the investigation focuses on whether Cobalt International Energy’s directors and officers were aware, or should have been aware, of any improper relationships to Angolan officials in violation of the U.S. Foreign Corrupt Practices Act, which prohibits U.S. companies from paying or offering anything of value to foreign government officials to win or retain business.
Cobalt International Energy’s Net Loss over the past years increased. Its Net loss of $71.60million for 2008 increased to $133.64million in 2011.Shares of Cobalt International Energy, Inc. (NYSE:CIE) rose from as low as $7.00 in May 2010 to over $34 per share in mid-February 2012.
Then on Sunday, April 15, 2012, two articles titled "Angola officials held hidden oil stakes" and "Spotlight falls on Cobalt's Angola partner" were published in connection with allegations of a relationship between Angolan officials and Nazaki Oil and Gazthe; its local partner. According one article three of the most powerful officials in Angola have held concealed interests in an oil venture with Cobalt International Energy. The article said that the recently departed head of the national oil company and an influential general confirmed that they and another general have held shares in Nazaki Oil and Gáz, the local partner in a Cobalt International Energy-led deepwater venture launched in early 2010.
Following the articles shares of Cobalt International Energy, Inc. (NYSE:CIE) dropped from a close of $28.27 on Friday during Monday to as low as $25.50 per share.
Cobalt International Energy, Inc. (NYSE: CIE) responded to the two articles on Monday, April 16, 2012, and said it denied any allegations of wrong doing and stood behind its principles of full compliance with all laws in all jurisdictions in which it operates.
Nevertheless NYSE:CIE shares fell almost $2 per share and closed on Monday at $26.39 per share.
On April 23, 2012 NYSE:CIE shares closed at $26.38 per share.
Those who purchased shares of Cobalt International Energy, Inc. (NYSE:CIE) shares and currently hold those (or any of those) Cobalt International Energy, Inc. (NYSE:CIE) shares, have certain options and should contact the Shareholders Foundation, Inc by email.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego