Golar LNG Limited (GLNG) Accused of Misleading Shareholders
On September 17, 2020, Golar announced the initial public offering of Hygo Energy Transition Ltd. (“Hygo”), a joint venture between Golar and investment vehicles associated with Stonepeak Infrastructure Partners. Just a week later, on September 24, 2020, media reported that Hygo’s CEO was involved in a bribery network investigated as part of Brazil’s Operation Car Wash, a large money laundering investigation. On this news, Golar’s share price fell 32% to close at $6.86 per share on September 24, 2020, injuring investors.
An investor has now filed a lawsuit accusing Golar of misleading shareholders. Among other things, it alleges that Golar’s filings with the SEC were misleading when they claimed Golar “adopted a Corporate Code of Business Ethics and Conduct that applies to all our employees” and that Corporate Code of Business Ethics and Conduct “expressly prohibits the offering, the giving, the solicitation or the acceptance of any bribe…”
If you purchased shares of Golar LNG Limited (GLNG) between April 30, 2020 and September 24, 2020, you have until November 23, 2020, to ask the court to appoint you lead plaintiff.