As the world focuses on cleaner forms of energy, Liquified Natural Gas (LNG) has become a frontrunner. As of 2019, the US is the third-largest importer of LNG. This growing interest means that LNG’s increased value is another avenue for investors.
Silver Law Group is currently investigating Golar LNG Limited (GLNG) regarding possible securities fraud, and may file a class action on behalf of investors.
If you have losses from investing in Golar LNG (GLNG) stock, contact Silver Law Group for consultation at no cost at (800) 975-4345 or by email at ssilver@silverlaw.com. Silver Law Group can provide a complimentary case evaluation and discuss investors’ options for pursuing claims for recovering losses.
Golar LNG announced an initial public offering of 23,100,000 common shares from Hygo Energy Transition (NASDAQ: “HYGO”) on September 17, 2020. The initial offering price per share was between $18 and $21, as indicated in their F-1 registration statement filed with the Securities & Exchange Commission (SEC.) Following the IPO, Golar LNG would have 50,000,000 common shares in Hygo Energy.
Hygo Energy Transition Ltd. (NASDAQ: HYGO) (“Hygo”), is a joint venture with Stonepeak Infrastructure Partners and based in Hamilton, Bermuda. The company provides integrated downstream LNG solutions to underserved markets by delivering low cost, environmentally sound energy alternatives to markets and consumers worldwide. The offerings were jointly handled by Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC.
Hygo And Operation Car Wash
Just days after the IPO, multiple media reports indicated that Hygo’s CEO Eduardo Navarro Antonello was connected to a bribery network being investigated in Brazil as part art of their long-running criminal investigation into money laundering and corruption known as “Operation Car Wash.”
The media reported that a company called Sapura Energy was interested in winning a contract with Petrobras worth $2.7 billion. The company allegedly hired lobbyist Maricio Carvalho to locate and obtain inside information to use in its proposal to Petrobras. Once he obtained this information, Carvalho allegedly gave it to Antonello, the defendant. Golar LNG then announced that Hygo was initiating a review of the allegations levied against Antonello.
Upon this announcement, company shares dropped by more than 32%, damaging investors. The shares closed at $6.86 on September 24, 2020.
Recovering Golar LNG Limited (GLNG) Investment Losses
If you have investment losses with Golar LNG Limited (GLNG), contact Silver Law Group, a nationally-recognized class action law firm representing investors, to discuss your legal rights and potential options to recover your losses.
Silver Law Group represents investors who have been the victims of investment fraud. Our attorneys represent investors in class actions against issuers in state or federal court and investors in securities arbitration claims against Wall Street firms for stockbroker misconduct.
Scott Silver, Silver Law Group’s managing partner, is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors nationwide in securities investment fraud cases. Contact us today for a no-cost consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.