Case Summary

Brooge Energy

NASDAQ: BROG

Case Details

  • White v. Brooge Energy Limited f/k/a Brooge Holdings Limited f/k/a Twelve Seas Investment Company et al.
  • Class Period:November 25, 2019 - December 21, 2023
  • Date Filed:February 05, 2024
  • Jurisdiction:U.S. District Court, Central District of California
  • Docket Number: 2:24-cv-00959
  • Lead Plaintiff Deadline: April 8, 2024
Days Left to
Seek Plaintiff
46

Overview

A class action lawsuit has been filed against Brooge Energy Limited f/k/a Brooge Holdings Limited f/k/a Twelve Seas Investment Company (“Brooge” or the “Company”) (NASDAQ: BROG) and certain of the Company’s current and former senior executive officers alleging violations of the Securities Exchange Act of 1934. The Brooge lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired publicly traded Brooge securities between November 25, 2019, and December 21, 2023, both dates inclusive, (the “Class Period”) and investors have until April 5, 2024, to seek appointment as lead plaintiff of the Brooge class action lawsuit.

Brooge operates as a midstream oil storage and service provider out of the Emirate of Fujairah in the United Arab Emirates.

The lawsuit alleges that Defendants, throughout the Class Period, made materially false and/or misleading statements and/or failed to disclose 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 Brooge International Advisory LLC (“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; and (4) Brooge lacked internal controls; and (5) as a result, Defendants statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

*            *            *

If you purchased or otherwise acquired publicly traded Brooge (NASDAQ: BROG) securities between November 25, 2019, and December 21, 2023, both dates inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Brooge lawsuit is April 5, 2024.

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