Texas Oil Co. Hit With Securities Suit Over IPO

Law360, New York (February 6, 2012, 6:48 PM EST) -- Kosmos Energy Ltd. will duke it out with shareholders in a Texas federal court over allegations that the oil and gas company misrepresented its financial outlook in the run-up to its initial public offering, after the suit was removed to federal court Monday.

The oil and gas company allegedly misled investors interested in the IPO by promising them that a partnership it had with other energy companies to develop an oil field, would produce 120,000 barrels of oil per day. That figure, however, overshoots the field's...
To view the full article, register now.