Kendall Law Group, led by former federal judge Joe Kendall, on Tuesday announced that a lawsuit has been filed against Kosmos Energy for securities violations concerning their initial public offering.
The complaint, filed in Dallas, Texas, charges Kosmos Energy and certain of its officers and directors with violations of the federal securities laws concerning Defendants' positive statements regarding the financial condition, business and prospects of the Company.
The Company�s Registration Statement created the materially misleading impression of the business by stating that the Jubilee Oil Field in Ghana would produce 120,000 barrels of oil per day.
On July 6, 2011, a Kosmos Energy business partner announced that the Jubilee Oil Field was experiencing difficulties in meeting the previously stated projections due to design defects in the oil wells and that the field was underperforming, producing at or around 80,000 barrels of oil per day.
The complaint alleges that Kosmos Energy failed to disclose the design defects in the oil wells, despite the fact that the Company was aware of this prior to the IPO.
Led by a former federal judge and former U.S. Attorney, the Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation.
Source: B&FT
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