Shareholder Class Action Filed Against Canadian Superior Energy Inc. by the Law
Firm of Schiffrin & Barroway, LLP
BALA CYNWYD, Pa., March 15 /PRNewswire/ -- The following statement was issued
today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United
States District Court for the Southern District of New York on behalf of
purchasers of the securities of Canadian Superior Energy Inc. (AMEX:SNG)
("Canadian Superior" or the "Company") between November 17, 2003 and March 11,
2004, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice
or your rights or interests with respect to these matters, please contact
Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll
free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at .
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.
Plaintiff seeks to recover damages on behalf of class members and is represented
by the law firm of Schiffrin & Barroway, which prosecutes class actions in both
state and federal courts throughout the country. Schiffrin & Barroway is a
driving force behind corporate governance reform, and has recovered in excess of
a billion dollars on behalf of institutional and high net worth individual
investors. For more information about Schiffrin & Barroway, or to sign up to
participate in this action online, please visit http://www.sbclasslaw.com/.
If you are a member of the class described above, you may, not later than May
14, 2004, move the Court to serve as lead plaintiff of the class, if you so
choose. In order to serve as lead plaintiff, however, you must meetcertain
legal requirements. You may retain Schiffrin & Barroway, LLP, or other counsel
of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP
Marc A. Topaz, Esq. Stuart L. Berman, Esq. Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Stuart L. Berman, Esq., both of Schiffrin & Barroway, LLP, +1-888-299-7706 or +1-610-667-7706, Web site: http://www.sbclasslaw.com/
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