Izard Nobel LLP Announces Class Action Lawsuit Against Former Executives of Canadian Superior Energy, Inc.
10 Dicembre 2009 - 8:25PM
Marketwired
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the Southern District of
New York on behalf of those who purchased the common stock of
Canadian Superior Energy, Inc. ("Canadian Superior") (NYSE Amex:
SNG) between January 14, 2008 and February 17, 2009, inclusive (the
"Class Period").
The Complaint charges that certain of Canadian Superior's former
executives violated federal securities laws. On August 16, 2007,
Canadian Superior and Challenger Energy announced that BG
International Limited ("BG") entered into a farm-in agreement and
joint operating agreement ("Joint Operating Agreement") with
Canadian Superior to participate in the exploration drilling and
development of the Intrepid Block 5(c) (the "Joint Venture"). The
Complaint alleges that defendants failed to disclose: (i) the
discovered reserves for Intrepid Block 5(c) were below the economic
threshold for development; (ii) that Canadian Superior had notified
BG of its intention to commence a corporate sale in November 2008
to overcome the financial constraints that were preventing it from
meeting its funding obligations under the Joint Operating
Agreement; (iii) that Canadian Superior had violated the terms of
the Joint Operating Agreement with BG, potentially endangering its
interest in the Joint Venture; and (iv) Canadian Superior failed to
timely pay Maersk, the drilling operator, and potentially other
contractors.
If you are a member of the class, you may, no later than
February 8, 2010, request that the Court appoint you as lead
plaintiff of the class. A lead plaintiff is a class member that
acts on behalf of other class members in directing the litigation.
Although your ability to share in any recovery is not affected by
the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could
affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, and your rights,
visit: www.izardnobel.com/canadiansuperiorenergy/, or contact Izard
Nobel LLP toll-free: (800) 797-5499, or by e-mail:
firm@izardnobel.com. For more information about class action cases
in general, please visit our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa or Wayne Boulton (800) 797-5499
www.izardnobel.com Email Contact
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