Canadian Superior Energy Inc. (USA) Investor Files Lawsuit Against Certain Former Executives
JULY 2011 - According to the Notice:
The Settlement described herein will provide a gross settlement fund of Five Million Two Hundred Thousand United States Dollars (USD$5,200,000), plus interest (the “Gross Settlement Fund”), for the benefit of investors who purchased or otherwise acquired Canadian Superior common stock between January 14, 2008 and February 17, 2009, inclusive (the “Class Period”).
The Settlement resolves both Actions before the Ontario Superior Court of Justice (the “Ontario Court”) and the United States District Court for the Southern District of New York (the “U.S. Court”) (collectively, the “Courts”) against the Defendants alleging, among other things, false and misleading public statements concerning the success of Canadian Superior’s efforts to drill for natural gas off the coast of Trinidad and Tobago in an area known as the Intrepid Block 5(c).
The Settlement also includes full and final releases of known and unknown claims that are or could have been asserted in the Actions against the Defendants and others described herein (the “Released Parties”).
In order to become effective, the Settlement must be approved by both Courts.
Solely for purpose of implementing the Settlement, the Ontario Court has certified the Canadian Actions as a class proceeding, and approved the form and method of disseminating this Notice to members of the certified class. The Ontario Court will conduct a hearing to consider whether to finally approve the Settlement on November 24, 2011. The class certified by the Ontario Court (the “Canadian Class”) is described below.
Solely for purpose of implementing the Settlement, the U.S. Court has granted preliminary approval of the Settlement, and certified a class (the “U.S. Class”), and approved the form and method of disseminating this Notice to members of the U.S. Class. The U.S. Court will conduct a fairness hearing to consider whether to finally approve the Settlement on November 8, 2011. The U.S. Class is described below.
If the Settlement is not approved by both of the Courts and does not become effective for that reason or as otherwise provided under the Settlement, the certification of the Canadian Class and U.S. Class respectively by each of the Ontario Court and the U.S. Court will be set aside.
DECEMBER 2009 - An investor in Canadian Superior Energy Inc. (USA) filed a lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Canadian Superior Energy Inc. (Public, AMEX:SNG) between January 14, 2008 and February 17, 2009, over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges that certain of Canadian Superior Engery’s former executives violated the Exchange Act by failing between January 14, 2008 and February 17, 2009 to disclose material adverse facts about Canadian Superior Engery’s true financial condition, business and prospects. On August 16, 2007, Canadian Superior Engery and Challenger Energy jointly issued a press release announcing that BG International Limited entered into a farm-in agreement (“Farm-In Agreement”) and joint operating agreement (“Joint Operating Agreement”) with Canadian Superior to participate in the exploration drilling and development of the Intrepid Block 5(c) (the “Joint Venture, and Canadian Superior Energy failed to disclose material information, so the complaint. Then on February 12, 2009, Canadian Superior Energy issued a press releasing announcing the “appointment, upon the application of BG of an interim Receiver of its participating interest in Intrepid Block 5(c). Pursuant to the Court Order, the Receiver, in conjunction with BG, will operate the property and conduct the flow testing of the Endeavour well which Canadian Superior believes will validate its operations to date.”
Shares of Canadian Superior Energy stock fell $0.40 per share. On February 17, 2009, Canadian Superior Energy announced that it had received a demand letter from the Canadian Western Bank for repayment of all amounts outstanding under Canadian Superior Energy’s $45 million credit facility with the bank by February 23, 2009. The Company also announced that it was in discussions with alternative lenders.
Canadian Superior Energy Inc., located in Calgary, Canada and incorporated in March 21, 1983, is engaged in the exploration for, and acquisition, development and production of petroleum and natural gas, and Liquified Natural Gas (LNG) projects, with operations in Western Canada, offshore Nova Scotia, offshore Trinidad and Tobago, the United States and North Africa. Canadian Superior Energy Inc. (USA) reported in 2007 Total Revenue of $40.86million and in 2008 Total Revenue of $61.55million. Shares of Canadian Superior Energy Inc. (USA) traded recently at $0.610 per share, down from its52weekHigh of $1.50 per share. Canadian Superior Energy Inc. (USA) shares (SNG) traded at over $4.72 per share in 2008.