September 24, 2020 - An investor in shares of Golar LNG Limited (NASDAQ: GLNG) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Golar LNG Limited in connection with certain allegedly false and misleading statements made between April 30, 2020 and September 24, 2020.

Bermuda based Golar LNG Limited provides infrastructure for the liquefaction, transportation, regasification, and downstream distribution of LNG. Golar LNG Limited reported that its annual Total Revenue rose from $430.6 million in 2018 to $448.75 million in 2019.

On September 24, 2020, it was reported that the Chief Executive Officer (“CEO”) of Golar’s joint venture, Hygo Energy Transition Ltd. (“Hygo”), was involved in a bribery network investigated in Brazil’s Operation Car Wash. Shares of Golar LNG Limited (NASDAQ: GLNG) declined from $13.98 per share on September 18, 2020, to as low as $5.67 per share on September 29, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Golar LNG Limited (NASDAQ: GLNG) common shares between April 30, 2020 and September 24, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 30, 2020 and September 24, 2020, the Defendants failed to disclose to investors that certain employees, including Hygo’s CEO, had bribed third parties, thereby violating anti-bribery policies, that, as a result, the Company was likely to face regulatory scrutiny and possible penalties, that, as a result of the foregoing reputational harm, Hygo’s valuation ahead of its IPO would be significantly impaired, and 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.