{"id":72659,"date":"2024-03-18T17:54:34","date_gmt":"2024-03-18T17:54:34","guid":{"rendered":"https:\/\/pakistaninewspaperlist.com\/news\/brooge-energy-brog-and-former-executives-face-additional-potential-liability-to-investors-for-revenue-inflation-and-falsifying-records-hagens-berman\/"},"modified":"2024-03-18T17:54:34","modified_gmt":"2024-03-18T17:54:34","slug":"brooge-energy-brog-and-former-executives-face-additional-potential-liability-to-investors-for-revenue-inflation-and-falsifying-records-hagens-berman","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/brooge-energy-brog-and-former-executives-face-additional-potential-liability-to-investors-for-revenue-inflation-and-falsifying-records-hagens-berman\/","title":{"rendered":"Brooge Energy (BROG) and Former Executives Face Additional Potential Liability to Investors for Revenue Inflation and Falsifying Records \u2013 Hagens Berman"},"content":{"rendered":"
\n

Brooge Energy (BROG) Investors with Substantial Losses Encouraged to Contact HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS<\/p>\n

SAN FRANCISCO, March 18, 2024 (GLOBE NEWSWIRE) — Hagens Berman urges Brooge Energy Limited (NASDAQ: BROG)<\/strong> investors who suffered substantial losses to submit your losses now<\/a>.<\/p>\n

Class Period: <\/strong>Nov. 25, 2019 \u2013 Dec. 21, 2023
Lead Plaintiff Deadline: <\/strong>Apr. 5, 2024
Visit:<\/strong> www.hbsslaw.com\/investor-fraud\/brog<\/a>
Contact An Attorney Now:<\/strong> BROG@hbsslaw.com<\/a>
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 844-916-0895<\/strong><\/p>\n

Brooge Energy Limited (BROG) Securities Fraud Class Action: <\/strong><\/p>\n

On Dec. 21, 2023, the SEC announced that it had resolved fraud charges brought against Brooge Energy Limited, and its former CEO, Nicolaas Lammert Paardenkooper, and Lina Saheb, who served as Chief Strategy Officer and Interim CEO.<\/p>\n

Brooge Energy consented to a settlement with the SEC, acknowledging violations of numerous federal securities law provisions, including antifraud and reporting requirements. The company was fined $5 million. Paardenkooper and Saheb also settled, agreeing to pay $100,000 each in civil penalties and accepting permanent bans from serving as officers or directors in any public companies.<\/p>\n

But a recently filed securities class action suit seeks to recover additional monetary compensation for Brooge investors resulting the alleged fraud. Consistent with the SEC\u2019s allegations, the complaint contends that Brooge inflated a substantial portion of its revenues \u2013 between 30 and 80 percent \u2013 in its filings with the SEC. The complaint alleges that the misreported revenues were critical to the company going public via a special purpose acquisition transaction.<\/p>\n

The suit alleges that Defendants perpetrated the fraud by fabricating invoices designed to significantly boost the revenue figures from Brooge Energy\u2019s oil operations in Fujairah, UAE. Over a three-year period, these false invoices reportedly overstated revenues by over $70 million. The complaint alleges that Paardenkooper and Saheb were knowingly involved in this fraudulent activity or deliberately reckless as to the accuracy of the company\u2019s financial disclosures.<\/p>\n

When the truth was revealed through the SEC\u2019s Dec. 21, 2023 announcement, Brooge\u2019s shares declined nearly 16%, injuring investors.<\/p>\n

\u201cWe believe Brooge investors have not been fairly compensated for this brazen alleged fraud,\u201d said Reed Kathrein, the Hagens Berman partner leading the firm\u2019s investigation.<\/p>\n

If you invested in Brooge Energy and have substantial losses, or have knowledge that may assist the firm\u2019s investigation, click here to discuss your legal rights with Hagens Berman<\/a> \u00bb<\/p>\n

If you\u2019d like more information and answers to frequently asked questions about the Brooge Energy case and our investigation, read more<\/a> \u00bb<\/p>\n

Whistleblowers: <\/strong>Persons with non-public information regarding Brooge Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895<\/strong> or email BROG@hbsslaw.com<\/a> .<\/p>\n

About Hagens Berman<\/a>
Hagens Berman is a global plaintiffs\u2019 rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at\u00a0hbsslaw.com<\/a>. Follow the firm for updates and news at\u00a0@ClassActionLaw<\/a>.\u00a0<\/p>\n

Attorney advertising.<\/strong>
Past results do not guarantee future outcomes.<\/strong>
Services may be performed by attorneys in any of our offices<\/strong>.\u00a0<\/p>\n

Contact: <\/u>
Reed Kathrein, 844-916-0895<\/p>\n

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

Brooge Energy (BROG) Investors with Substantial Losses Encouraged to Contact HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS SAN FRANCISCO, March 18, 2024 (GLOBE NEWSWIRE) — Hagens Berman urges Brooge Energy Limited (NASDAQ: BROG) investors who suffered substantial losses to submit your losses now. Class Period: Nov. 25, 2019 \u2013 Dec. 21, 2023Lead Plaintiff Deadline: Apr. 5, 2024Visit: […]<\/p>\n","protected":false},"author":2,"featured_media":72660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/ml.globenewswire.com\/Resource\/Download\/51670c91-d369-4a8c-8102-d393de9f6d19","fifu_image_alt":"","footnotes":""},"categories":[208],"tags":[],"class_list":["post-72659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-globenewswire"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t