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...
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