NEW YORK, March 19, 2004 (PRIMEZONE) -- Wechsler Harwood LLP today announced that it has filed a Federal Securities fraud class action on behalf of persons or entities who purchased or otherwise acquired the securities of Canadian Superior Energy, Inc. ("Canadian Superior" or the "Company") (AMEX:SNG) between November 17, 2003 and March 10, 2004, inclusive (the "Class Period").
The action, entitled Giaccone v. Canadian Superior Energy, Inc., et al., Case No. not yet assigned, is pending in the United States District Court for the Southern District of New York and names as defendants, the Company, its President and Chief Executive Officer, Gregory S. Noval, its Vice-President and Corporate Secretary, Robert A. Pilling, and its Vice President, Director of East Coast Operations, Michael Coolen. A copy of the complaint can be obtained from the Court or can be viewed on Wechsler Harwood web site at: www.whesq.com.
The complaint charges defendants 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 purchased or otherwise acquired Canadian Superior securities during the Class Period, you may request that the Court appoint you as lead plaintiff by May 14, 2004. 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wechsler Harwood, or other counsel of your choice, to serve as your counsel in this action.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 Craig Lowther, Wechsler Harwood Shareholder Relations Department: clowther@whesq.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca