| Company: | Canadian Superior Energy, Inc. |
| Ticker Symbol: | SNG |
| Class Period: | Jan-14-08 to Feb-17-09 |
| Date Filed: | Dec-10-09 |
| Lead Plaintiff Deadline: | Feb-8-10 |
| Court: | Southern District of New York |
| Allegations: | |
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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
