NEW YORK, Feb. 11, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Brooge Energy Limited (“Brooge” or the “Company”) (NASDAQ: BROG). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Brooge and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until April 5, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Brooge securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On December 22, 2023, the United States Securities and Exchange Commission (“SEC”) announced fraud charges against Brooge, the Company’s former Chief Executive Officer (“CEO”), Nicolaas Lammert Paardenkooper, and its former Chief Strategy Officer and Interim CEO, Lina Saheb, as well as an order instituting cease-and-desist proceedings (the “SEC Order” or “Order”). According to the SEC Order, before and after going public through a special purpose acquisition transaction, Brooge misstated between 30 and 80 percent of its revenues from 2018 through early 2021 in SEC filings related to the offer and sale of up to $500 million of securities. Further, the Order asserted that Brooge created false invoices to support inflating revenues from its oil facilities in Fujairah, United Arab Emirates by over $70 million over three years, and that Paardenkooper and Saheb knew, or were reckless in not knowing, of the fraud. The SEC Order also found that Brooge provided these false invoices to its auditors to conceal the inflated revenue. In addition, according to the Order, Brooge agreed during the SEC’s investigation not to issue the $500 million in securities.
On this news, the Company’s stock price fell $0.99 per share, or 25%, over the following two trading sessions, to close at $2.97 per share on December 26, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
