What Is the Brooge Energy Limited f/k/a Brooge Holdings Limited f/k/a Twelve Seas Investment Company (BROG) Class Action Lawsuit About?
Bronstein, Gewirtz & Grossman, LLC notifies investors that 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 its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Brooge securities between November 25, 2019 and December 21, 2023, inclusive (the “Class Period”). Such investors are encouraged to join this case.
Case Details:
The Complaint alleges that throughout the Class Period Defendants 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 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’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. The Complaint therefore argues that, when the true details of Brooge’s actions entered the market, investors suffered damages.
What’s Next?
A class action lawsuit has already been filed. You may review a copy of the Complaint. You may also contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660. If you suffered a loss in Brooge you have until April 5, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff.
How Did Brooge Energy Limited f/k/a Brooge Holdings Limited f/k/a Twelve Seas Investment Company (BROG) Stock React to the Disclosures?
How Is BG&G Representing Investors in Securities Class Actions?
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
“Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace.”