BROG INVESTOR ALERT: Edelson Lechtzin LLP Urges Brooge Energy Limited (NASDAQ: BROG) Shareholders with Substantial Losses to Move for Lead Plaintiff in the Pending Securities Fraud Class Action
NEWTOWN, PA, February 22, 2024 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers of Brooge Energy Limited (“Brooge” or the “Company”) (NASDAQ: BROG) common stock between November 25, 2019, and December 21, 2023, inclusive (the “Class Period”).
Investors who purchased Brooge common stock may move the U.S. District Court for the Central District of California to appoint them as lead plaintiff, no later than April 5, 2024. Current holders of Brooge stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on Brooge Energy Limited
Brooge, formerly known as Brooge Holdings Limited, provides oil storage and affiliated services through its subsidiary, Brooge Petroleum and Gas Investment Company FZE (BPGIC). The Company is based in the Cayman Islands and uses cutting-edge technology for efficient storage of oil.
The Securities Fraud Claims
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or omissions regarding Brooge’s business, operations, and prospects, including that: (i) Brooge materially overstated its revenues because it never received any revenues from Al Brooge International Advisory LLC (“BIA”), as well as another fictitious customer; (ii) 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; (iii) Brooge intentionally lied to its auditors and the Securities and Exchange Commission about its fraudulent activities; (iv) Brooge lacked internal controls; and (v) 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.
On December 22, 2023, the Securities and Exchange Commission (SEC) issued a press release titled “SEC Charges UAE-Based Brooge Energy and Former Executives with Fraud” on its official website. The release included an order that initiated a cease-and-desist proceeding and provided comprehensive details about the alleged fraudulent activity. Subsequently, the stock price of Brooge Energy declined by $0.62, or 15.66%, to close at $3.34 on December 22, 2023. The following trading day, the stock price fell by an additional $0.37, or 11.08%, to close at $2.97 on December 26, 2023.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Web: www.edelson-law.com
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.