Schubert Firm Investigates Cobalt International Energy's Top Executives

SAN FRANCISCO, March 18, 2015 /PRNewswire/ -- Shareholder and consumer rights law firm Schubert Jonckheer & Kolbe LLP launched an investigation today into whether the officers and directors of Cobalt International Energy, Inc. CIE breached their fiduciary duties to Cobalt and its shareholders by exposing Cobalt to civil liability for failing to disclose the true value of its Lontra and Loenga wells in Angola.

Cobalt initially told the public that it had several "large, oil focused high impact wells" in Angola, including its Lontra and Loenga wells. Cobalt claimed the Lontra well had "Greater than billion barrel potential," and was not a "big gas field," but was instead "an oil field," and thus, was a "significant discovery," estimating it to have the potential to yield "[g]reater than [a] billion barrel[s]."

However, on December 1, 2013, the Company announced that the Lontra well actually contained "more gas" than had previously been estimated. Following this announcement, on December 3, 2013, Cobalt shares dropped over 20%. Then, on November 4, 2014, when the Company announced that the Loenga well contained neither oil nor gas, the Company's stock price fell another 10% to close at $10.07. Following this disclosure, stockholders filed class actions alleging securities fraud in the United States District Court for the Southern District of Texas. Cobalt's share price remains well below $10 today.

The Schubert Law Firm's investigation concerns when and how much Cobalt's officers and directors knew or should have known about the company's allegedly false representations involving the Lontra and Loenga wells' oil reserves.

If you are a long-term holder of Cobalt stock and wish to obtain additional information about the Schubert Law Firm's investigation and your legal rights, please contact Miranda Kolbe by email at mkolbe@schubertlawfirm.com, by telephone at 415-788-4220, or fill out the form on our website at http://classactionlawyers.com/cobalt.

About Schubert Jonckheer & Kolbe

Schubert Jonckheer & Kolbe has extensive experience in prosecuting securities claims, representing investors throughout the nation in shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.

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SOURCE Schubert Jonckheer & Kolbe LLP