The shareholders of DOGSA are suing ECP for $650 million in damages
Issuer: DORNKAMP Rechtsanwälte Stillner Partnerschaft mbB / Key word(s): Legal Matter
17.04.2024 / 15:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
· *Lawsuit admitted in Delaware District Court*
· *Decisive step for DOGSA shareholders*
· *10,000 investors affected*
· *With Kay Rieck at the helm*
Stuttgart, April 17, 2024. The lawsuit filed by the shareholder of Deutsche Oel & Gas S.A. (DOGSA) for damages in the amount of $650 million against its former financing partner Energy Capital Partner (ECP) has been admitted by the District Court in Delaware, USA. The admission is an important stage victory in the battle between "David and Goliath". It marks a decisive turning point in the years-long battle of the more than 10,000 aggrieved German shareholders, who are supported by DORNKAMP Rechtsanwälte on the German side.
*DOGSA's mission to address the energy crisis in Alaska*
Deutsche Oel & Gas S.A. initially had set out with the goal of helping to mitigate the impending energy crisis in Alaska. It came closer to this goal when the drilling platform reached Alaska and later set up the first production platform including pipeline and processing plant on land in the Cook Inlet for over 25 years and began production. This was a decisive step towards securing the energy supply in the region. DOGSA's commitment to energy security in Alaska has been undermined by ECP's serious misconduct since 2018, with far-reaching consequences for the region, the company and its shareholders.
*Acquisition of ECP by Bridgepoint UK*
In September 2023, Energy Capital Partners (ECP) was acquired by Bridgepoint UK, creating a fund with a total volume of 57 billion euros. It should be noted that trust is a hard currency in the financial markets. This is a precious commodity, but also one that is easily damaged.
*Claims: "Fraudulent Inducement" and "Civil Conspiracy to Commit Fraud" *
The complaint includes serious allegations against ECP, including "Fraudulent Inducement" and "Civil Conspiracy to Commit Fraud." These allegations are unlikely to shed a good light on ECP's business practices.
* *
*A precedent for the future*
The admission of the lawsuit marks an important milestone on the way to the legal investigation of the case. In this case, ECP's corporate misconduct in the management of DOGSA's Kitchen Lights Unit is under legal scrutiny. This case could serve as a precedent for similar cases in the future and highlights the need for transparent and fair trading practices. It also emphasizes the importance of protecting investors. "This case shows that no company is too big to be held accountable," emphasizes Kay Rieck, founder and former CEO of DOGSA and a committed advocate of shareholder rights.
*United and Strong*
The shareholders of DOGSA stand united in this process. "Our cohesion and our commitment to justice are our greatest strength," says Kay Rieck. "We are determined to continue this fight until justice is achieved for every single shareholder."
*About DORNKAMP Rechtsanwälte*
DORNKAMP Rechtsanwälte are experienced litigators who have made a significant contribution to the development of the law at the ECJ and BGH through their sometimes spectacular cases.
For press inquiries, please contact: presse@dornkamp-rechtsanwaelte.com
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