INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Brooge Energy Limited (BROG) Investors

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Brooge Energy Limited f/k/a Brooge Holdings Limited f/k/a Twelve Seas Investment Company (“Brooge” or the “Company”) (NASDAQ: BROG) securities between November 25, 2019 and December 21, 2023, inclusive (the “Class Period”). Brooge investors have until April 5, 2024 to file a lead plaintiff motion.

Investors suffering losses on their Brooge investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On December 22, 2023, Brooge disclosed that it agreed to a $5 million settlement with the U.S. Securities and Exchange Commission “related to alleged fraudulent accounting and offering conduct by the Company and two former officers.”

On this news, Brooge’s stock price fell $0.37, or 11.1%, to close at $2.97 per share on December 26, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Brooge materially overstated its revenues because it never received any revenues from BIA, as well as another fictitious customer; (2) Brooge engaged in a complex pattern of payments with BIA to create the illusion of revenues from BIA and another customer that had no knowledge of the fraud; (3) Brooge intentionally lied to its auditors and the Securities and Exchange Commission about its fraudulent activities; (4) Brooge lacked internal controls; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased Brooge securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240209306244/en/