The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Brooge Energy Limited (BROG) Investors
The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Brooge Energy Limited f/k/a Brooge Holdings Limited f/k/a Twelve Seas Investment Company ("Brooge" or the "Company") (NASDAQ: BROG) securities between November 25, 2019 and December 21, 2023, inclusive (the "Class Period"). Brooge investors have until April 5, 2024 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On December 22, 2023, Brooge disclosed that it agreed to a $5 million settlement with the U.S. Securities and Exchange Commission "related to alleged fraudulent accounting and offering conduct by the Company and to former officers."
On this news, Brooge's stock price fell $0.37, or 11.1%, to close at $2.97 per share on December 26, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Brooge materially overstated its revenues because it never received any revenues from 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' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Brooge securities during the Class Period, you may move the Court no later than April 5, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Brooge securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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