Scott + Scott, LLC Announces Securities Class Action Lawsuit Against Canadian Superior
18 3월 2004 - 11:12PM
PR Newswire (US)
Scott + Scott, LLC Announces Securities Class Action Lawsuit
Against Canadian Superior Lawsuit Filed At Request Of Shareholders
After Independent Investigation COLCHESTER, Conn., March 18
/PRNewswire/ -- Scott + Scott, LLC, (http://www.scott-scott.com/) a
Connecticut law firm with offices in Ohio and California, announced
today that it has filed a class action lawsuit in the United States
District Court for the Southern District of New York on behalf of
people who purchased the shares of Canadian Superior Energy Inc. ;
TSE: SNG.TO) ("Canadian Superior" or the "Company") during the
period between November 17, 2003 and March 11, 2004, inclusive (the
"Class Period"). If you would like additional information regarding
this lawsuit, please contact Scott + Scott attorney Neil Rothstein
(nrothstein@scott-scott.com ) at 800/404-7770 or 860/537-3818 (EST)
or 800/332-2259 or 619/233-4565 (PST). The complaint alleges that
Defendants Canadian Superior, Greg Noval, and Michael Coolen
violated the United States securities laws (specifically, Sections
10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule
10b- 5) by issuing a number of materially false and misleading
statements. The statements that were made that are alleged to be
false and misleading include that some of the Company's oil/gas
well operations located in Nova Scotia, Canada (the "Mariner I-85
well") were performing better than they actually were and that
sound financing for oil/gas exploration was accurately reflected in
public statements. The complaint alleges that these positive
statements, when made, failed to disclose that Defendants knew that
the Mariner I-85 well was not going to be able to produce
commercial amounts of oil/gas. Further, these positive, public
statements, coupled with the under-funded budget for testing and
drilling at the Mariner I-85-funding that was proclaimed sufficient
in public statements-resulted in artificially inflated prices of
the common stock. These statements were materially false and
misleading when made and designed to inflate the value of the
Company's stock. On March 11, 2004, the Company announced that it
had halted operations at the Mariner I-85 well and that it would
not continue these operations. The market reacted strongly to this
news and Canadian Superior shares plunged 44.44%, or $1.44 per
share, to close at $1.80 per share on March 11, 2004. If you bought
Canadian Superior publicly traded securities between November 17,
2003 and March 11, 2004, inclusive, and sustained damages, you may,
no later than May 14, 2004, request that the Court appoint you as
lead plaintiff. A lead plaintiff is a representative party that
acts on behalf of other class members in directing the litigation.
In order to be appointed lead plaintiff, the Court must determine
that the class member's claim is typical of the claims of other
class members, and that the class member will adequately represent
the class as a whole. Under certain circumstances, one or more
class members may together serve as lead plaintiff. Any member of
the purported class may move the Court to serve as lead plaintiff.
Signing a certification and retaining Scott + Scott does not
automatically make you a lead plaintiff. Scott + Scott, LLC, a
Connecticut-based law firm with offices in Ohio and California, is
a law firm with a national practice and reputation. Scott + Scott
has dedicated itself to client communication and satisfaction. The
firm is currently litigating major securities, antitrust and
employee retirement plan cases throughout the United States and
represents pension funds, charities, foundations, individuals and
other entities worldwide -- in both class and non-class cases. If
you wish to discuss this action with an attorney or have any
questions concerning this notice or your rights, please contact
attorney Neil Rothstein at or by calling 1-800-332-2259. Scott +
Scott, LLC is located at 108 Norwich Avenue, Colchester, CT 06415;
phone: 860/537- 3818; fax: 860/537-4432. This release is issued in
accordance with the applicable federal law of the United States.
DATASOURCE: Scott + Scott, LLC CONTACT: Neil Rothstein of Scott +
Scott, LLC, +1-860-537-3818,
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