Brooge Energy Limited Faces Multiple Class Action Lawsuits for Alleged Fraudulent Practices
Investors allege that Brooge Energy overstated revenues and engaged in fraudulent activities, leading to significant stock price declines.
Overview
- Multiple law firms have filed class action lawsuits against Brooge Energy Limited, alleging fraudulent practices between November 2019 and December 2023.
- The lawsuits claim Brooge Energy overstated its revenues by creating the illusion of income from fictitious customers.
- Investors suffered significant losses as details of the alleged fraud became public, leading to a sharp decline in Brooge Energy's stock price.
- Law firms encourage affected investors to join the class action lawsuits before the April 2024 deadline.
- Brooge Energy is accused of lacking internal controls and intentionally misleading its auditors and the SEC.