LOS ANGELES, April 08, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Brooge Energy Limited f/k/a Brooge Holdings Limited f/k/a Twelve Seas Investment Company (NASDAQ: BROG). investors that a lawsuit was filed on behalf of investors that purchased Brooge securities between November 25, 2019 and December 21, 2023, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The lawsuit alleges that throughout the Class Period, the defendants made false and/or misleading statements or failed to disclose several key facts: (1) Brooge exaggerated its revenues by falsely claiming to have received revenues from BIA and another fictitious customer; (2) Brooge engaged in a convoluted scheme of payments with BIA to create the appearance of revenue from BIA and another customer who were unaware of the fraud; (3) Brooge deliberately misled its auditors and the Securities and Exchange Commission about its fraudulent activities; (4) Brooge lacked sufficient internal controls; and (5) consequently, the defendants' statements regarding Brooge's business, operations, and prospects were materially false and misleading or lacked reasonable substantiation throughout the relevant period. The lawsuit contends that when the true details were revealed, investors incurred damages.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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