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.
Kosmos finally addressed the problems with the Jubilee oil production in November of 2011. However, around that same time, another of the Company’s partners, Anadarko Petroleum, explained that the issue with production was related to the way the wells were completed. These were issues that were known in advance of the issuance of the Registration Statement and Prospectus, yet never divulged to the public. News of these pre-existing design problems caused shares of Kosmos common stock to drop approximately 25% since the IPO, falling from $18.00 to the $13.00 per share range.If you wish to serve as lead plaintiff, you must move the Court no later than September 10, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.