Cobalt International Energy Inc (NYSE: CIE) Investor Securities Class Action Lawsuit 11/30/2014

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Company Name(s): 
Cobalt International Energy
Case Name: 
Cobalt International Energy Shareholder Class Action Lawsuit 11/30/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NYSE: CIE
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/30/2014
Class Period Begin: 
03/01/2011
Class Period End: 
11/03/2014
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
02/02/2015
Date Settled: 
11/02/2018
Settlement Amount: 
$335,300,000
Deadline to Participate in Settlement: 
04/04/2019
Summary: 

February 13, 2019 - Judgment approving class action settlement.

November 2, 2018 - The court preliminarily approved the settlement.

October 12, 2018 - Parties filed a stipulation of settlement.

February 1, 2018 - Plaintiffs filed a notice that they will request voluntary dismissal without prejudice of their claims against defendant Cobalt International Energy Inc.

December 15, 2017 - All claims against Cobalt International Energy Inc are stayed.

April 14, 2017 - Defendants filed a motion to dismiss.

March 15, 2017 - The lead plaintiffs filed a second amended consolidated complaint on behalf of investors who purchased Cobalt International Energy Inc (NYSE: CIE) common shares between March 1, 2011 and November 3, 2014. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between March 1, 2011 and November 3, 2014.

January 19, 2016 - The court granted in part and denied in part defendants' motions to dismiss.

June 30, 2015 - Defendants filed motions to dismiss.

May 1, 2015 - The lead plaintiffs filed an amended consolidated complaint.

March 3, 2015 - Cases were consolidated.

February 2, 2015 - A lead plaintiff motion was filed.

November 30, 2014 - An investor in shares of Cobalt International Energy Inc (NYSE: CIE), filed a lawsuit against Cobalt International Energy Inc, certain of its senior executives and directors, the underwriters of its securities offerings and certain investment firms that controlled the Company in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 21, 2012 and November 4, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Cobalt International Energy, Inc. (NYSE: CIE) common shares between February 21, 2012 and November 4, 2014, Cobalt International Energy and certain of its senior executives violated provisions of the Exchange Act by issuing materially false and misleading press releases, filings with the Securities and Exchange Commission ("SEC"), and statements during investor conference calls. The Complaint also alleges that in connection with above stated Offerings, Cobalt International Energy issued securities pursuant to materially misstated filings with the SEC.

Cobalt International Energy, Inc. reported that its Net Loss increased from $71.60 million in 2008 to $589.02 million in 2013. Shares of Cobalt International Energy, Inc. (NYSE: CIE) traded in 2012 as high as $34.03 per share and as high as $30.20 per share in August 2013.

On August 4, 2014, Cobalt International Energy, Inc received a “Wells Notice” from the Staff of the U.S. Securities and Exchange Commission (the “SEC”) stating that the Staff has made a preliminary determination to recommend that the SEC institute an enforcement action against Cobalt International Energy, Inc, alleging violations of certain federal securities laws. Cobalt International Energy, Inc said it intends to respond to the Wells Notice in the form of a “Wells Submission” in due course. Cobalt International Energy, Inc stated it is currently subject to a formal order of investigation issued in 2011 by the U.S. Securities and Exchange Commission (the “SEC”) related to its operations in Angola and that it may be exposed to liabilities under the U.S. Foreign Corrupt Practices Act.

On November 4, 2014, Cobalt International Energy, Inc. announced its third quarter 2014 results and provided an operational update. Cobalt International Energy, Inc said that its net loss for the third quarter of 2014 included $55 million of impairment charges associated primarily with the Loengo well drilled offshore Angola and wells previously announced in the Gulf of Mexico.

Shares of Cobalt International Energy, Inc. (NYSE: CIE) declined from over $30 per share in August 2013 to as low as $8.32 per share on December 1, 2014.

On December 2, 2014, Cobalt International Energy (NYSE: CIE) shares closed at $8.94 per share.