Distribution of the Brooge Energy Fair Fund Established by the Securities & Exchange Commission
WASHINGTON, April 7, 2025 /PRNewswire/ -- The following is being released by the Securities and Exchange Commission about In the Matter of Brooge Energy Limited, Nicolaas Lammert, Paardenkooper, and Lina Saheb Administrative Proceeding File No. 3-21816 (January 28, 2025).
Those who purchased or acquired Brooge Energy Limited ("Brooge") common stock, traded on the New York Stock Exchange under the symbol BROG (the "Securities") during the Relevant Period (December 20, 2019 through December 21, 2023, inclusive), may be eligible for a distribution from the Fair Fund.
On December 22, 2023, the Commission issued an Order instituting and simultaneously settling cease-and-desist proceedings against the Respondents. In the Order, the Commission found that Brooge went public through a special purpose acquisition company ("SPAC") transaction in December 2019. Before and after going public between thirty and eighty percent of Brooge's revenues were unsupported and materially misstated from 2018 through early 2021. After the SPAC transaction, Brooge registered the offer and sale of up to $500 million in different types of securities with the Commission and an affiliate of the company issued $200 million in 5-year senior secured bonds in the Nordic bond market. The Commission also found that Paardenkooper and Saheb knew, or were reckless in not knowing, of this accounting fraud. The Commission ordered the Respondents to pay $5,200,000 in civil money penalties to the Commission. The Commission also created the Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalties collected can be distributed to harmed investors.
The Respondents have paid in full. The Fair Fund has been deposited in a Commission-designated account at the United States Department of the Treasury, and any accrued interest will be added to the Fair Fund.
To be eligible for a payment from the Brooge Energy Fair Fund, you must satisfy certain eligibility criteria that are described in detail in the Plan of Distribution (the "Plan"). Those criteria include the following: 1) You must have purchased or acquired Brooge Energy common stock, traded on the New York Stock Exchange under the trading symbol BROG, during the Relevant Period; 2) Your approved transactions must calculate to an Eligible Loss Amount as calculated under the Plan and the Distribution Payment must equal or exceed $20.00; and 3) You are not an Excluded Party as defined in the Plan.
You can complete and submit an online Claim Form or obtain a physical Claim Form by visiting www.BroogeEnergyFairFund.com. To submit a Claim Form by mail, you must submit it to SEC v Brooge Energy Fair Fund, c/o Rust Consulting, Inc., Fund Administrator – 8793, P.O. Box 2599, Faribault, MN 55021-9599. All Claim Forms are due by July 26, 2025.
For more information:
Copies of the Plan, the Plan Notice, and the Claim Form are available at www.BroogeEnergyFairFund.com as well as background information. You may also call 1 (888) 558-0547 or email the Fund Administrator at info@BroogeEnergyFairFund.com.
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SOURCE U.S. Securities and Exchange Commission
