Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Canadian Superior Energy Inc. to Inqu
11 Dicembre 2009 - 10:00PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced 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") (AMEX: SNG) during the period between
January 14, 2008 and February 17, 2009, inclusive (the "Class
Period"). Canadian Superior is not named in this action as a
defendant as it sought protection under Canadian bankruptcy and
reorganization laws and has since reorganized.
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than February 8, 2010 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period. You are not required to have sold your
shares to seek damages or to serve as a Lead Plaintiff. You may
contact Brower Piven (through hoffman@browerpiven.com or
410/986-0036) to answer any questions you may have in that
regard.
The complaint asserts that 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"). The complaint accuses the defendants of
violations of the Securities Exchange Act of 1934 by virtue of the
Company's failure to disclose during the Class Period that the
discovered reserves for Intrepid Block 5(c) were below the economic
threshold for development; 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; that Canadian Superior had violated the terms
of the Joint Operating Agreement with BG, thus potentially
endangering its interest in the Joint Venture; and that Canadian
Superior failed to timely pay Maersk, the drilling operator, and
potentially other contractors, thereby jeopardizing the operation
of the Joint Venture, such that during the Class Period, defendants
lacked a reasonable basis for their positive statements about the
Company, its prospects and earnings growth. According to the
complaint, after Canadian Superior issued a press release on
February 12, 2009, announcing the appointment of an interim
Receiver of its participating interest in the Joint Venture and
that pursuant to a Court Order, the Receiver, in conjunction with
BG, will operate the property, the value of Canadian Superior's
stock declined significantly. Also according to the complaint,
after Canadian Superior announced on February 17, 2009, 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 and that
Company was in discussions with alternative lenders, the value of
Canadian Superior's stock declined further.
If you have suffered a net loss for all transactions in Canadian
Superior Energy Inc. common stock during the Class Period, you may
obtain additional information about this lawsuit and your ability
to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410-986-0036, or at Brower Piven, A Professional
Corporation, The World Trade Center-Baltimore, 401 East Pratt
Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower
Piven have combined experience litigating securities and class
action cases of over 40 years. If you choose to retain counsel, you
may retain Brower Piven without financial obligation or cost to
you, or you may retain other counsel of your choice. You need take
no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Baltimore, Maryland 410/986-0036 Email Contact
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