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SEC Issues Wells Notice to Cobalt

Jaclyn Jaeger | August 7, 2014

Cobalt International Energy disclosed in a Form 10-Q filing with the Securities and Exchange Commission this week that it has received a Wells Notice for potential violations of federal securities laws related to its operations in Angola.

On Aug. 4, Cobalt said the SEC made a preliminary determination to recommend an enforcement action against the company, following a formal investigation the SEC launched in 2011. “In connection with the contemplated action, the staff may recommend that the SEC seek remedies that could include an injunction, a cease-and-desist order, disgorgement, pre-judgment interest and civil money penalties,” the company stated.

The Wells Notice, which is neither a formal allegation nor a finding of wrongdoing, allows Cobalt the opportunity to provide its reasons for why the proposed enforcement action should not be filed, and to address the issues...

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