BOSTON, MA, Jan 24, – The leading national securities law violations firm Gilman Law LLP announces a securities law violations lawsuit against Kosmos Energy, Ltd. (“Kosmos Energy”) KOS -1.09% and certain of its officers and directors. The suit alleges that the company violated US Federal Securities Laws by issuing false and misleading information concerning the Company’s overall operational and financial condition and well-being resulting from significant problems in the Company’s oil wells in its Jubilee oil field project in Ghana.
Shareholders allege that Kosmos Energy concealed that its Jubilee oil field project in Ghana was underperforming and failed to disclose certain design defects in its oil wells.
A shareholders class action lawsuit for violations of securities laws was commenced in the Texas state court on January 10, this year. The complaint alleges that Kosmos Energy failed to disclose the design defects in the oil wells, even though Kosmos Energy was aware of this prior to the IPO. The complaint further alleges that Kosmos Energy failed to disclose that its oil field was underperforming at or around 80,000 barrels of oil per day, instead of the expected 120,000 barrels of oil per day, up to and during the IPO.
The design defects in the oil wells and the underperforming oil field has cost shareholders hundreds of millions of dollars. In November, Kosmos told investors in a conference call that it would cost a considerable amount in 2012 to fix the defects in the oil wells, and would delay the expected production levels by years.
The securities lawyers at Gilman Law have over 32 years of experience litigating securities and other types of class action cases, and have been involved in all major aspects of securities litigation. Gilman Law specializes in cases involving stock manipulation, securities fraud, investments fraud, shareholder rights violations, and securities arbitration.
If you purchased or otherwise acquired shares of Kosmos Energy between May 16, 2011 and November 10, 2011, please contact Gilman Law LLP to discuss your rights to recovery of your losses or to obtain additional information. For a free evaluation of your case, please visit the Kosmos Energy Securities Law Violations Article on the Gilman Law Website or CALL TOLL FREE (888) 252-0048.
MARKETWIRE via COMTEX
Have Your Say