Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Canadian Superior Energy Inc. Investors; Announces Upcoming Investor D
11 Dicembre 2009 - 9:37PM
Marketwired
Dyer & Berens LLP (www.DyerBerens.com) today announced that it
has filed a class action lawsuit in the United States District
Court for the Southern District of New York on behalf of purchasers
of the common stock of Canadian Superior Energy Inc. ("Canadian
Superior" or the "Company") (NYSE Amex: SNG) between January 14,
2008 and February 17, 2009, inclusive (the "Class Period").
If you wish to serve as a lead plaintiff, you must move the
court no later than February 8, 2010. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff's counsel, Jeffrey A.
Berens, Esq., at (888) 300-3362, (303) 861-1764, Ext. 302, or via
email at jeff@dyerberens.com. Any member of the putative class may
move the court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class
member.
The complaint alleges that, throughout the Class Period,
defendants failed to disclose material adverse facts about the
Company's true financial condition, business and prospects. On
August 16, 2007, Canadian Superior and Challenger Energy jointly
issued a press release announcing that BG International Limited
("BG") entered into a farm-in agreement ("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").
Specifically, the complaint alleges that defendants failed to
disclose: (i) that 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 so that it could 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, thus potentially endangering its interest in the
Joint Venture; (iv) that Canadian Superior failed to timely pay
Maersk, the drilling operator, and potentially other contractors,
thereby jeopardizing the operation of the Joint Venture; and (v) as
a result of the foregoing, defendants lacked a reasonable basis for
their positive statements about the Company, its prospects and
earnings growth.
On February 12, 2009, Canadian Superior issued a press releasing
announcing the "appointment, upon the application of BG of an
interim Receiver of its participating interest in Intrepid Block
5(c). Pursuant to the Court Order, the Receiver, in conjunction
with BG, will operate the property and conduct the flow testing of
the Endeavour well which Canadian Superior believes will validate
its operations to date." In response to this announcement, shares
of the Company's stock fell $0.40 per share, or 44%, from a close
of $0.90 per share on February 11, 2009, the last trading date
before the announcement, to close at $0.50 per share, on extremely
heavy trading volume. Then, on February 17, 2009, Canadian Superior
announced that it had received a demand letter from the Canadian
Western Bank for repayment of all amounts outstanding under
Canadian Superior's $45 million credit facility with the bank by
February 23, 2009. The Company also announced that it was in
discussions with alternative lenders. In response to this
announcement, shares of the Company's stock fell an additional
30%.
Plaintiff seeks to recover damages on behalf of Canadian
Superior investors. The plaintiff is represented by Dyer &
Berens LLP, which has expertise in prosecuting investor class
actions involving financial fraud. The firm's extensive experience
in securities litigation, particularly in cases brought under the
Private Securities Litigation Reform Act, has contributed to the
recovery of hundreds of millions of dollars for aggrieved
investors. For more information about the firm, please go to
www.DyerBerens.com.
Contact: Jeffrey A. Berens Dyer & Berens LLP 303 East 17th
Avenue, Suite 300 Denver, CO 80203 Tel: (888) 300-3362 or (303)
861-1764, Ext. 302 Email: Email Contact
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