Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Canadian Superior Energy, Inc.
31 3월 2004 - 7:57AM
PR Newswire (US)
Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
Canadian Superior Energy, Inc. HARTFORD, Conn., March 30
/PRNewswire/ -- The law firm of Schatz & Nobel, P.C., 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 all persons who
purchased the publicly traded securities of Canadian SuperiorEnergy
(Amex: SNG; TSX: SNG) ("Canadian Superior") from November 17, 2003
through March 10, 2004 inclusive (the "Class Period"). The
Complaint alleges that defendants issued materially false
statements about an offshore well known as the Mariner I-85 in Nova
Scotia, Canada. Specifically, defendants failed to disclose that
the Mariner I-85 well did not contain the substantial gas reservoir
required to support a commercial project and that the costs of
testing and drilling at the well were significantly exceeding the
budget. As a result of the foregoing, positive announcements
concerning the Mariner I-85 well were lacking in a reasonable basis
when made. On March 11, 2004 Canadian Superior announced that it
had halted operations at the Mariner I-85 well due to budget
constraints. On this news, shares of Canadian Superior plummeted
44.44%. If you are a member of the class, you may, no later than
May 14, 2004 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, including decisions concerning
settlement. The securities laws require the Court to consider the
class member(s) with the largest financial interest as
presumptively the most adequate lead plaintiff(s). Therefore, if
you believe that you have a large loss, you may wish to seek to be
a lead plaintiff. For more information about the case, its claims,
and your rights, please contact Schatz & Nobel toll-free at
(800) 797-5499, or by e-mail at . To view a copy of the lawsuit
initiating the class action, or for more information about class
action cases and Schatz & Nobel, please visit our website:
http://www.snlaw.net/. CONTACT: Nancy A. Kulesa Tel.: (800)
797-5499 DATASOURCE:Schatz & Nobel, P.C. CONTACT: Nancy A.
Kulesa of Schatz & Nobel, +1-800-797-5499, Web site:
http://www.snlaw.net/
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