ROSEN, RECOGNIZED INVESTOR COUNSEL, Encourages Brooge Energy Limited Investors to Inquire About Securities Class Action Investigation - BROG

NEW YORK, Jan. 2, 2024

WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Brooge Energy Limited (NASDAQ: BROG) resulting from allegations that Brooge may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Brooge securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=21430 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On December 22, 2023, the U.S. Securities and Exchange Commission ("SEC") issued a press release entitled "SEC charges UAE-Based Brooge Energy and Former Executives with Fraud." The press release stated that "before and after going public through a special purpose acquisition transaction, Brooge, whose securities trade on NASDAQ, misstated between 30 and 80 percent of its revenues from 2018 through early 2021 in SEC filings related to the offer and sale of up to $500 million of securities. The order finds that Brooge created false invoices to support inflating revenues from its oil facilities in Fujairah, UAE by over $70 million over three years, and that Paardenkooper and Saheb knew, or were reckless in not knowing, of the fraud. The SEC order also finds that Brooge provided these false invoices to its auditors to conceal the inflated revenue. According to the order, Brooge agreed during the SEC's investigation not to issue the $500 million in securities. In April 2023, the company announced a restatement of its audited financial statements from 2018 through 2020."

On this news, Brooge's stock price fell $0.37 per share, or 11.08%, to close at $2.97 per share on December 26, 2023.