| Company: | Canadian Superior Energy |
| Ticker Symbol: | AMEX: SNG |
| Class Period: | November 17, 2003 to March 10, 2004 |
| Court: | Southern District, NY |
| Date Filed: | Mar-19-04 |
| Lead Plaintiff Deadline: | May-14-04 |
| Allegations: |
A Federal Securities fraud class action has been filed on behalf of persons or entities who purchased or otherwise acquired the securities of Canadian Superior Energy, Inc. ("Canadian Superior" or the "Company") (AMEX:SNG) between November 17, 2003 and March 10, 2004, inclusive (the "Class Period").
The action, entitled Giaccone v. Canadian Superior Energy, Inc., et al., Case No. not yet assigned, is pending in the United States District Court for the Southern District of New York and names as defendants, the Company, its President and Chief Executive Officer, Gregory S. Noval, its Vice-President and Corporate Secretary, Robert A. Pilling, and its Vice President, Director of East Coast Operations, Michael Coolen.
The complaint charges defendants with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. More specifically, the Complaint alleges that defendants issued a number of materially false and misleading statements about its El Paso Mariner I-85 well offshore operations in Nova Scotia, Canada. These positive statements failed to disclose and indicate: (1) that defendants knew or were reckless in not knowing that the "Mariner I-85 well" was virtually "dry"; (2) that the actual costs of testing and drilling at the well were significantly exceeding the budgeted costs; (3) that a significant gas reservoir to support a commercial project did not exist; (4) that, as a result of the foregoing, the Company's positive announcements concerning the "Mariner I-85 well" were lacking in a reasonable basis when made, and (5), that the defendants' positive statements only served to artificially inflate the value of its stock.
The Company shocked the market with its March 11, 2004 announcement that it had halted operations at the El Paso Mariner I-85 well in the Atlantic Ocean off Nova Scotia, following 3-1/2 months of drilling. On this news, shares of Canadian Superior skidded 44.44%, or $1.44 per share, to close at $1.80 per share on March 11, 2004 on unusual high volume.
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.
The action, entitled Giaccone v. Canadian Superior Energy, Inc., et al., Case No. not yet assigned, is pending in the United States District Court for the Southern District of New York and names as defendants, the Company, its President and Chief Executive Officer, Gregory S. Noval, its Vice-President and Corporate Secretary, Robert A. Pilling, and its Vice President, Director of East Coast Operations, Michael Coolen.
The complaint charges defendants with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. More specifically, the Complaint alleges that defendants issued a number of materially false and misleading statements about its El Paso Mariner I-85 well offshore operations in Nova Scotia, Canada. These positive statements failed to disclose and indicate: (1) that defendants knew or were reckless in not knowing that the "Mariner I-85 well" was virtually "dry"; (2) that the actual costs of testing and drilling at the well were significantly exceeding the budgeted costs; (3) that a significant gas reservoir to support a commercial project did not exist; (4) that, as a result of the foregoing, the Company's positive announcements concerning the "Mariner I-85 well" were lacking in a reasonable basis when made, and (5), that the defendants' positive statements only served to artificially inflate the value of its stock.
The Company shocked the market with its March 11, 2004 announcement that it had halted operations at the El Paso Mariner I-85 well in the Atlantic Ocean off Nova Scotia, following 3-1/2 months of drilling. On this news, shares of Canadian Superior skidded 44.44%, or $1.44 per share, to close at $1.80 per share on March 11, 2004 on unusual high volume.
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.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
