Recent Securities Litigations
Golar Lng Ltd (NASDAQ: GLNG)
According to the Complaint, Golar LNG Limited provides infrastructure for the liquefaction, transportation, regasification and downstream distribution of LNG. Hygo Energy Transition Ltd. f/k/a Golar Power Limited (“Hygo”) is a joint venture between Golar 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 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, the Complaint alleges Defendants failed to disclose to investors: (1) that certain employees, including Hygo’s CEO, had bribed third parties, thereby violating anti-bribery policies; (2) that, as a result, the Company was likely to face regulatory scrutiny and possible penalties; (3) that, as a result of the foregoing reputational harm, Hygo’s valuation ahead of its IPO would be significantly impaired; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.