Kosmos Energy is facing a lawsuit in the US for securities violations over its Initial Public Offer, IPO which was oversubscribed last year. The Kendall Law Group is charging Kosmos over violations of the federal securities laws.
The suit has to do specifically with the company’s statements on the financial condition, business, and prospects of the company.
The lawsuit claims that Kosmos’ Registration Statement created the materially misleading impression of the business by stating that the Jubilee Oil fields would produce 120,000 of oil per day.
It argues this contradicts with an announcement by a partner on the field on July 6, 2011, that it was experiencing difficulties in meeting the previously stated projections due to design defects in the oil wells and that the fields were underperforming, producing at or around 80,000 barrels per day.
The complaint alleges that Kosmos failed to disclose these design defects even though that the company was aware of this prior to the IPO.
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