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Lieff Cabraser Announces Class Action Litigation Against Cobalt International Energy, Inc. - CIE
[December 22, 2014]

Lieff Cabraser Announces Class Action Litigation Against Cobalt International Energy, Inc. - CIE


The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased or otherwise acquired the securities of Cobalt (News - Alert) International Energy, Inc. ("Cobalt" or the "Company") (NYSE: CIE) between February 21, 2012 and November 4, 2014 (the "Class Period"), including purchasers of (i) Cobalt's common stock pursuant and/or traceable to registered public offerings conducted on or about February 23, 2012, January 16, 2013 and May 8, 2013; (ii) Cobalt's 2.65% Convertible Senior Notes due 2019, pursuant and/or traceable to the registered public offering conducted on or about December 12, 2012; and/or (iii) Cobalt Convertible Senior Notes due 2024, pursuant and/or traceable to the registered public offering conducted on or about May 8, 2014 (collectively, the "Offerings").

If you purchased or otherwise acquired Cobalt securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 2, 2015. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

Cobalt investors who wish to learn more about the action and how to seek appontment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.



Background on the Cobalt Securities Class Litigation

The actions charge Cobalt, certain Cobalt senior executives and directors, the underwriters of Cobalt's stock offerings, and certain investment firms that had representatives on the Cobalt Board of Directors during the Class Period with violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934. Cobalt is an oil exploration and production company headquartered in Houston, Texas with operations in the Gulf of Mexico and offshore West Africa.


The actions allege that during the Class Period, Cobalt and certain of its senior executives issued materially false and misleading statements to the public about Cobalt's operations in the Republic of Angola and the value of its wells in Angola. Defendants claimed that Cobalt was a company with "world class," "large" and "oil-focused" wells in the Republic of Angola and claimed that the Company gained access to those wells in compliance with the U.S. Foreign Corrupt Practices Act (or "FCPA"). In truth, Cobalt obtained access to its Angolan wells by partnering with shell companies in Angola that were partially owned by high-level Angolan officials, putting the Company at serious risk of enforcement action by the Securities and Exchange Commission ("SEC (News - Alert)") and the U.S. Department of Justice ("DOJ") for violations of the FCPA and the federal securities laws. In addition, Cobalt misrepresented the value of its wells in Angola after the Company learned that they contained very little or no oil.

Investors first began to learn the defendants' wrongful conduct when: (i) on December 1, 2013, the Company revealed negative results from its Lontra well offshore Angola; (ii) on August 5, 2014, Cobalt announced that the SEC had escalated its investigation of Cobalt for possible violations of the federal securities laws by issuing a Wells Notice to Cobalt; and (iii) on November 4, 2014, Cobalt disclosed negative results regarding its Loengo well offshore Angola. In response to these disclosures, the prices of Cobalt securities fell sharply.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation's top plaintiffs' law firms for eleven years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms "representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity." Best Lawyers and U.S. News have also named Lieff Cabraser as a "Law Firm of the Year" each year the publications have given this award to law firms.

For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


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