Lawsuit filed for Investors who lost money with shares of Brooge Energy Limited (NASDAQ: BROG)

An investor, who purchased shares of Brooge Energy Limited (NASDAQ: BROG), filed a lawsuit over alleged violations of Federal Securities Laws by Brooge Energy Limited /k/a Brooge Holdings Limited f/k/a Twelve Seas Investment Company.

Investors who purchased a significant amount of shares of Brooge Energy Limited (NASDAQ: BROG) between November 25, 2019 and December 21, 2023, have certain options and for certain investors are short and strict deadlines running. Deadline: April 5, 2024. NASDAQ: BROG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

The plaintiff claims that between November 25, 2019 and December 21, 2023, the defendants made materially false and/or misleading statements and/or failed to disclose that Brooge Energy Limited materially overstated its revenues because it never received any revenues from BIA, as well as another fictitious customer, that Brooge Energy Limited 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, that Brooge Energy Limited intentionally lied to its auditors and the Securities and Exchange Commission about its fraudulent activities, that Brooge Energy Limited lacked internal controls, and that 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.

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.

This release was published on openPR.