NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Brooge Energy Limited (NASDAQ: BROG) resulting from allegations that Brooge may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Brooge securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=21430 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On December 22, 2023, the U.S. Securities and Exchange Commission (“SEC”) came to a $5 million settlement with Brooge Energy Limited that will allow it to settle charges in which Brooge committed fraud by lying to the SEC about its revenue in order to sell $500 million in securities. The SEC alleges Brooge broke “the antifraud, proxy statement, reporting, and books and records provisions of the federal securities laws.” There would also be a $100,000 penalty to Brooge’s former Chief Executive Officer (“CEO”) Nicolaas Lammert Paardenkooper and Brooge's former interim CEO Lina Saheb. According to the SEC order, “both Paardenkooper and Saheb knew, or were reckless in not knowing, of the fraud.”
On this news, Brooge’s stock price fell $0.37 per share, or 11.08% to close at $2.97 per share on December 26, 2023.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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