The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Brooge Energy Limited (BROG)

Published 8 months ago via Business Wire

The Law Offices of Frank R. Cruz reminds investors of the upcoming April 5, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who 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”).

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 two 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 or otherwise acquired Brooge securities during the Class Period, you may move the Court no later than April 5, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, 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.

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

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