Press release
Investigation announced for Investors who lost money with shares of Brooge Energy Limited (NASDAQ: BROG) over possible Violations of Securities Laws
An investigation for investors in Brooge Energy Limited (NASDAQ: BROG) shares over potential securities laws violations.
Investors who purchased shares of Brooge Energy Limited (NASDAQ: BROG), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Brooge Energy Limited regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Brooge Energy Limited reported that its annual Total Revenue rose from $41.76 million in 2021 to $81.54 million in 2022, and that its Net Income increased from $25.69 million in 2021 to $27.22 million in 2022.
On December 22, 2023, the U.S. Securities and Exchange Commission ("SEC") came to a $5 million settlement with Brooge Energy Limited that will allow it to settle charges in which Brooge committed fraud by lying to the SEC about its revenue in order to sell $500 million in securities. The SEC alleges Brooge broke "the antifraud, proxy statement, reporting, and books and records provisions of the federal securities laws." There would also be a $100,000 penalty to Brooge's former Chief Executive Officer ("CEO") Nicolaas Lammert Paardenkooper and Brooge's former interim CEO Lina Saheb. According to the SEC order, "both Paardenkooper and Saheb knew, or were reckless in not knowing, of the fraud."
Shares of Brooge Energy Limited (NASDAQ: BROG) declined from $6.3 per share in February 2023 to $2.36 per share on January 05, 2024.
Those who purchased shares of Brooge Energy Limited (NASDAQ: BROG) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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