{"id":72089,"date":"2024-03-17T04:10:06","date_gmt":"2024-03-17T04:10:06","guid":{"rendered":"https:\/\/pakistaninewspaperlist.com\/news\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-brooge-energy-limited-brog\/"},"modified":"2024-03-17T04:10:06","modified_gmt":"2024-03-17T04:10:06","slug":"glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-brooge-energy-limited-brog","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-brooge-energy-limited-brog\/","title":{"rendered":"Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Brooge Energy Limited (BROG)"},"content":{"rendered":"
\n

LOS ANGELES, March 15, 2024 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP<\/a> (\u201cGPM\u201d) reminds investors of the upcoming\u00a0April 5, 2024 <\/strong>deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Brooge Energy Limited f\/k\/a Brooge Holdings Limited f\/k\/a Twelve Seas Investment Company (\u201cBrooge\u201d or the \u201cCompany\u201d) (NASDAQ: BROG<\/a>) securities between November 25, 2019 and December 21, 2023<\/strong>, inclusive (the \u201cClass Period\u201d).<\/p>\n

If you suffered a loss on your Brooge investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com\/cases\/Brooge-Energy-Limited\/<\/a>. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com<\/a> to learn more about your rights.<\/p>\n

On December 22, 2023, Brooge disclosed that it agreed to a $5 million settlement with the U.S. Securities and Exchange Commission \u201crelated to alleged fraudulent accounting and offering conduct by the Company and two former officers.\u201d<\/p>\n

On this news, Brooge\u2019s stock price fell $0.37, or 11.1%, to close at $2.97 per share on December 26, 2023, thereby injuring investors.<\/p>\n

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis at all relevant times.<\/p>\n

Follow us for updates on LinkedIn<\/a>, Twitter<\/a>, or Facebook<\/a>.<\/p>\n

If you purchased or otherwise acquired Brooge securities during the Class Period, you may move the Court no later than\u00a0April 5, 2024 <\/strong>to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to\u00a0learn more\u00a0about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com<\/a>, or visit our website at www.glancylaw.com<\/a>. If you inquire by email please include your mailing address, telephone number and number of shares purchased.<\/p>\n

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.<\/p>\n

Contacts <\/strong>
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com<\/a>
www.glancylaw.com<\/a><\/p>\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

LOS ANGELES, March 15, 2024 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (\u201cGPM\u201d) reminds investors of the upcoming\u00a0April 5, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Brooge Energy Limited f\/k\/a Brooge Holdings Limited f\/k\/a Twelve Seas Investment Company (\u201cBrooge\u201d 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