Geller Rudman Announces Class Action Lawsuit Against Canadian
Superior Energy Inc. on Behalf of Investors
NEW YORK, May 5 /PRNewswire/ -- The Law Firm of Geller Rudman, PLLC 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. ("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.geller-rudman.com/ .
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.geller-rudman.com/ . Any member of the purported class may move the
Court to serve as lead plaintiff through Geller Rudman or other counsel of
their choice, or may choose to do nothing and remain an absent class member.
Geller Rudman, PLLC is a national law firm that represents investors and
consumers in class action and corporate governance litigation. It is one of
the country's premier firms in the area of securities fraud, with in-house
finance and forensic accounting specialists and extensive trial experience. Since its founding, Geller Rudman, PLLC has grown to become one of the most
respected and successful firms representing investors and consumers in class
action litigation. The firm came of age under the client focused realities of
the Private Securities Litigation Reform Act of 1995, which provided new
opportunities for institutional investors to assume leadership in combating
securities fraud.
The firm's lawyers have achieved substantial recoveries for aggrieved investors
and consumers in class action lawsuits prosecuted in state and federal courts
throughout the nation. Geller Rudman, PLLC maintains a widely recognized
reputation for excellence, as courts have repeatedly appointed the firm to
major positions in intricate multi-district or consolidated litigations. In
this regard, Geller Rudman, PLLC has successfully pursued hundreds of class
action lawsuits, has taken a lead role in numerous complex litigations on
behalf of defrauded investors and consumers and has been responsible for
billions in recoveries as well as landmark corporate governance changes. The
firm maintains offices in Boca Raton 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.geller-rudman.com/ .
Contact: GELLER RUDMAN, PLLC
Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq.
Client Relations Department:
200 Broadhollow, Suite 406
Melville, NY 11747
631-367-7100
Toll Free: 1-877-992-2555
Fax: 1-631-367-1173
E-mail: DATASOURCE: Geller Rudman, PLLC CONTACT: Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq., both of Geller Rudman, PLLC, +1-631-367-7100, or toll free, +1-877-992-2555, or fax, +1-631-367-1173, or Web site: http://www.geller-rudman.com/
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