Golar LNG Limited Class Action Lawsuit
- Company Name
- Golar LNG Limited
- Stock Symbol
- Class Period
- April 30, 2020 to September 24, 2020
- Southern District of New York
The Golar LNG Limited class action lawsuit charges Golar LNG and certain individuals with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of Golar LNG securities between April 30, 2020 and September 24, 2020, inclusive (the “Class Period”). The Golar LNG class action lawsuit was commenced on September 24, 2020 in the Southern District of New York and is captioned Zarabi v. Golar LNG Limited, No. 20-cv-07926.
Golar LNG provides infrastructure for the liquefaction, transportation, regasification, and downstream distribution of liquefied natural gas (“LNG”). Hygo Energy Transition Ltd. f/k/a Golar Power Limited (“Hygo”) is a joint venture between Golar LNG and investment vehicles affiliated with Stonepeak Infrastructure Partners. Hygo was formed to develop, own, and operate integrated LNG-based transportation, downstream solutions, and associated terminal and power generation infrastructure.
The Golar LNG class action lawsuit alleges that during the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) certain employees, including Hygo’s CEO, had bribed third parties, thereby violating anti-bribery policies; (2) as a result, Golar LNG was likely to face regulatory scrutiny and possible penalties; (3) as a result of the foregoing reputational harm, Hygo’s valuation ahead of its initial public offering would be significantly impaired; and (4) as a result of the foregoing, defendants’ positive statements about Golar LNG’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On September 24, 2020, media reported that Hygo’s CEO, defendant Eduardo Navarro Antonello, was involved in a bribery network investigated in Brazil’s Operation Car Wash. According to reports, Sapura Energy paid $40 million in bribes for a $2.7 billion contract with Petrobras and hired lobbyist Mauricio Carvalho to get inside information and help formulate a winning proposal. Carvalho then allegedly passed the information to defendant Antonello. The same day, Golar LNG announced that Hygo had initiated a review of the allegations against defendant Antonello. On this news, the price of Golar LNG’s shares fell more than 32%, damaging investors.
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