Abbey Gardy, LLP Commences Class Action Securities Fraud Suit Against Canadian
Superior Energy Inc.
NEW YORK, March 16 /PRNewswire/ -- Abbey Gardy, LLP commenced a Class Action
lawsuit in the United States District Court for the Southern District ofNew
York (Civil Action No. 04 cv 02035) securities of Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") between December 18, 2003 and March 10,
2004, inclusive (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The
Complaint names as defendants Canadian Superior Gregory S. Noval, Robert A. Pilling And Michael Coolen. The Complaint alleges that defendants issued a
series of materially false and misleading statements about its El Paso Mariner
I-85 well operations in Nova Scotia, Canada. On February 24, 2004, Defendants
issued a press release reporting that "the Canadian Superior El Paso "Mariner"
I-85 well will set a new low cost, "best value", record for modern drilling
offshore Nova Scotia". This statement, among others, failed to disclose and
indicate: (1) that defendants knew or were reckless in not knowing that the
"Mariner I-85 well" was not progressing and was virtually "dry"; (2) that the
actual costs of testing and drilling at the well were significantly exceeding
the budgeted costs and (3), that the defendants' positive statements only served
to artificially inflate the value of its stock. Inaddition, the Complaint
alleges that while in possession of materially adverse information defendant
Noval sold 25% his Canadian Superior stock at artificially inflated prices.
Less than three weeks later, on March 11, 2004, the Company announced thatit
was abandoning the Mariner I-85 exploration well due to budget constraints. On
this news, the Canadian Superior stock plunged from $3.24 on March 10, 2004 to
close at $1.80 on March 11, 2004 on heavy volume of 14.9 million shares.
Plaintiff seeks to recover damages on behalf of all those who purchased or
otherwise acquired Canadian Superior securities during the Class Period. If you
purchased or otherwise acquired Canadian Superior securities during the Class
Period, and either lost money on thetransaction or still hold the securities,
you may wish to join in the action to serve as lead plaintiff. If you purchased
Canadian Superior securities during the Class Period, 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. Under certain circumstances, one or more class members may together serve
as "lead plaintiffs." Your ability to share in any recovery is not, however,
affected by thedecision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the
Class. The attorneys at Abbey Gardy, LLP have extensive experience in
securities class action cases, and have played lead roles in major cases
resulting in the recovery of hundreds of millions of dollars to investors. If
you would like to discuss this action or if you have any questions concerning
this Notice or your rights as a potential class member or lead plaintiff,you
may contact: DATASOURCE: Abbey Gardy, LLP CONTACT: Susan Lee of Abbey Gardy, LLP, +1-212-889-3700, or 1-800-889-3701, Web site: http://www.abbeygardy.com/
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