Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of Texas on behalf of all persons or entities that purchased the securities of Kosmos Energy Ltd. (“Kosmos Energy” or the “Company”) (NYSE: KOS) in or traceable to the Company’s May 12, 2011 initial public offering (the “IPO”), alleging violations of the Securities Act of 1933 against the Company, certain of its officers and directors, and the underwriters in the IPO (the “Complaint”).
If you purchased shares of Kosmos Energy in or traceable to the IPO and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/kosmos-energy-ltd-kos.
Kosmos Energy, a Bermuda corporation headquartered in Hamilton, Bermuda, is an independent oil and gas exploration and production company that established a major oil province in the Jubilee Field, off the coast of the Republic of Ghana. According to the Complaint, in 2007, Kosmos entered into partnership with several other gas exploration companies to share the costs of developing the Jubilee oil field. The Company and its partners agreed to spend over $3.3 billion to develop the Jubilee oil field, which was projected to produce 120,000 barrels of oil per day (“BOPD”) by the third quarter of 2011. And while the Company and its partners were developing the oil field, on or about April 25, 2011, Kosmos filed with the Securities and Exchange Commission (“SEC”) the Form S-1/A Registration Statement for the IPO.
This Registration Statement and accompanying Prospectus misstated the progress the Company has made in developing the Jubilee oil field. Contrary to statements in the Propsectus, at the time of the IPO, gross oil production from the Jubilee field was not on track to reach its design capacity of 120,000 BOPD by the third quarter of 2011. Investors only began to learn the truth about production when one of the Company’s partners, Tullow Oil, issued multiple press releases announcing that production from Jubilee was flowing closer to the 80,000 BOPD range.
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