Cauley Geller Announces Class Action Lawsuit Against Canadian Superior Energy
Inc. on Behalf of Investors
NEW YORK, March 15 /PRNewswire/ -- The Law Firm of Cauley Geller Bowman &
Rudman, LLP announced today that a class action lawsuit has been filed in the
United States District Court for the Southern District of New York on behalf of
purchasers of Canadian Superior Energy Inc. Toronto ("Canadian Superior" or the
"Company") publicly traded securities during the period between November 17,
2003 and March 11, 2004, inclusive (the "Class Period"). A copy of the complaint
filed in this action is available from the Court, or can be viewed on the firm's
website at http://www.cauleygeller.com/show_case.asp?ccode=259&pcode=10&pp=4 .
The complaint charges Canadian Superior, Greg Noval, and Michael Coolen 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 bought Canadian Superior publicly traded securities between November 17,
2003 and March 11, 2004, inclusive, and you wish to serve as lead plaintiff, you
must move the Court no later than May 14, 2004. If you are a member of this
class, you can join this class action online at
http://www.cauleygeller.com/template8.asp?pcode=6&pp=1 . Any member of the
purported class may move the Court to serveas lead plaintiff through Cauley
Geller or other counsel of their choice, or may choose to do nothing and remain
an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in
class action and corporate governance litigation. It is one of the country's
premiere firms in the area of securities fraud, with in-house finance and
forensic accounting specialists and extensive trial experience. Since its
founding, Cauley Geller has recovered in excess of two billion dollars on behalf
of aggrieved shareholders. The firm maintains offices in Boca Raton, Little
Rock and New York.
If you have any questions about how you may be able to recover for your losses,
or if you would like to consider serving as one of the lead plaintiffs in this
lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's
website at http://www.cauleygeller.com/ .
Contact: CAULEY GELLER BOWMAN & RUDMAN, LLP Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq.
Client Relations Department:
Chandra West, Jackie Addison or Heather Gann
P.O. Box 25438
Little Rock, AR 72221-5438
Toll Free: 1-888-551-9944
Fax: 1-501-312-8505
E-mail: DATASOURCE: Cauley Geller Bowman & Rudman, LLP CONTACT: Samuel H. Rudman, Esq., or David A. Rosenfeld, Esq., both of Cauley Geller Bowman & Rudman, LLP, +1-631-367-7100 Web site: http://www.cauleygeller.com/ http://www.cauleygeller.com/show_case.asp?ccode=259&pcode=10&pp=4 http://www.cauleygeller.com/template8.asp?pcode=6&pp=1
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