Scott + Scott, LLC Files Extended Class/Securities Action Lawsuit
Against Canadian Superior
Lawsuit Filed By Shareholders-Purchasers From October 22, 2003 to March 11,
2004
COLCHESTER, Conn., April 30 /PRNewswire/ -- Scott + Scott, LLC,
(http://www.scott-scott.com/ or nrothstein@scott-scott.com) a Connecticut law
firm with offices in Ohio and California, announced today that it has filed an
extended class period in a class action lawsuit in the United States District
Court for the Southern District of New York on behalf of people who purchased
the shares of Canadian Superior Energy Inc. ; TSX: SNG.TO) ("Canadian Superior"
or the "Company") during the period between October 22, 2003 and March 11,
2004, inclusive (the "Class Period"). If you would like additional information
regarding this lawsuit, please contact Scott + Scott attorney Neil Rothstein
(nrothstein@scott-scott.com ) at 800/404-7770 or 860/537-3818 (EST) or
800/332-2259 or 619/233-4565 (PST).
The complaint alleges that Defendants Canadian Superior, Greg Noval, and
Michael Coolen violated the United States securities laws (specifically,
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-
5) by issuing a number of materially false and misleading statements. The
statements that were made that are alleged to be false and misleading include
that some of the Company's oil/gas well operations located in Nova Scotia,
Canada (the "Mariner I-85 well") were performing better than they actually
were and that sound financing for oil/gas exploration was accurately reflected
in public statements. The complaint alleges that these positive statements,
when made, failed to disclose that Defendants knew that the Mariner I-85 well
was not going to be able to produce commercial amounts of oil/gas. Further,
these positive, public statements, coupled with the under-funded budget for
testing and drilling at the Mariner I-85-funding that was proclaimed
sufficient in public statements-resulted in artificially inflated prices of the
common stock. These statements were materially false and misleading when made
and designed to inflate the value of the Company's stock.
On March 11, 2004, the Company announced that it had halted operations at the
Mariner I-85 well and that it would not continue these operations. The market
reacted strongly to this news and Canadian Superior shares plunged 44.44%, or
$1.44 per share, to close at $1.80 per share on March 11, 2004. The stock has
traded as low as $1.00 per share in recent days.
If you bought Canadian Superior publicly traded securities between October 22,
2003 and March 11, 2004, inclusive, and sustained damages, 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 as
a whole. Under certain circumstances, one or more class members may together
serve as lead plaintiff. Any member of the purported class may move the Court
to serve as lead plaintiff. Signing a certification and retaining Scott + Scott
does not automatically make you a lead plaintiff.
Scott + Scott, LLC, a Connecticut-based law firm with offices in Ohio and
California, is a law firm with a national practice and reputation. Scott +
Scott has dedicated itself to client communication and satisfaction. The firm
is currently litigating major securities, antitrust and employee retirement
plan cases throughout the United States and represents pension funds,
charities, foundations, individuals and other entities worldwide -- in both
class and non-class cases. Please visit our website at
http://www.scott-scott.com/ to learn more about the firm, its practice and
other cases. Scott + Scott, LLC has recently filed or is investigating
securities cases against Nortel Networks Corporation, Global Crossing, Canadian
Superior Energy, Novastar Financial, Inc. and others.
If you wish to discuss this action with an attorney or have any questions
concerning this notice, your rights or any matter within our expertise, please
contact attorney Neil Rothstein at or by calling 1-800-332-2259. Scott +
Scott, LLC is located at 108 Norwich Avenue, Colchester, CT 06415; phone:
860/537-3818; fax: 860/537-4432. This release is issued in accordance with the
applicable federal law of the United States. DATASOURCE: Scott + Scott, LLC CONTACT: Neil Rothstein of Scott + Scott, +1-800-332-2259,
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