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July 20, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities violations at Kosmos Energy Ltd. ("Kosmos" or the "Company") (NYSE: KOS).
The investigation focuses on whether the Company and its executives violated federal securities laws by misstating the developmental progress of the Jubilee oil field in the Company's Registration Statement and Prospectus in connection with the
May 12, 2011 initial public offering (the "IPO"). 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 as initially reported due to design defects. These design defects would cost Kosmos hundreds of millions of dollars to remediate, and would keep the Jubilee oil wells from producing as expected for several years. This information was not reported in the Registration Statement and Prospectus.
The market first learned of problems at the Jubilee oil field on
July 5, 2011, when one of Kosmos' partners, Tullow Oil, issued a press release announcing that production from the Jubilee oil field was flowing at 80,000 BOPD, which was 40,000 barrels below the anticipated 120,000 BOPD. Investors received more bad news about the Jubilee oil wells in
August 2011, when Tullow Oil announced that production from the Jubilee oil field was flowing and was projected to remain at the 82,000-84,000 BOPD range, not the 120,000 BOPD range that Kosmos initially reported in the Registration Statement and Prospectus. Then, on
November 10, 2011, Kosmos finally admitted problems with the Jubilee oil wells in the Company's third quarter 2011 earnings release. Kosmos stated that it had "identified completion issues [that] require one of the producing wells to be sidetracked, as well as downhole remediation on certain other wells."
In response to the disclosure of the problems with the Jubilee oil wells, the price of Kosmos stock fell approximately 25% from the IPO price of
$18 per share to trade in the
$13 per share range.
Request more information now by clicking here: www.faruqilaw.com/KOS. There is no cost or obligation to you.Take Action
If you purchased Kosmos securities pursuant and/or traceable to the IPO on or about
May 12, 2011 through
November 10, 2011 and would like to discuss your legal rights, visit
www.faruqilaw.com/KOS. You can also contact us by calling
Richard Gonnello or
Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Kosmos' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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