NEW YORK, April 8, 2004 (PRIMEZONE) -- The Law Office of William Coudert Rand announced today that it has filed a federal securities fraud class action in the United States District Court for the Southern District of New York on behalf of persons or entities who purchased or otherwise acquired the securities of Canadian Superior Energy, Inc. ("Canadian Superior") (AMEX:SNG) between December 18, 2003 and March 10, 2004 inclusive, (the "Class Period").
If you would like information about the case, its claims, and your rights, please do not hesitate to contact:
William C. Rand, Esq. Law Office of William Coudert Rand 711 Third Avenue, Suite 1505 New York, New York 10017 Telephone: (212) 286-1425 Facsimile: (212) 599-7909 E-mail; wcrand@wcrand.com Website: www.wcrand.com
The action, entitled Harrison v. Canadian Superior Energy, Inc. et al., Case No. 04 Civ. 02505, names as defendants Canadian Superior, Greg Noval, Robert Pilling, and Michael Coolen. 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.
The Complaint alleges that defendants issued materially false statements about an offshore well known as the Mariner I-85 in Nova Scotia, Canada. Specifically, defendants failed to disclose that the Mariner I-85 well did not contain the substantial gas reservoir required to support a commercial project and that the costs of testing and drilling at the well were significantly exceeding the budget. As a result of the foregoing, positive announcements concerning the Mariner I-85 well lacked any reasonable basis when made.
On March 11, 2004 Canadian Superior announced that it had halted operations at the Mariner I-85 well and would not continue these operations. As a result of this announcement, the share price of Canadian Superior plunged 44%, or $1.44 per share, to close at $1.80 per share on March 11, 2004.
If you are a member of the class, you may, no later than May 14, 2004, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement.
The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s). Therefore, if you believe that you have a large loss, you may wish to seek to be a lead plaintiff.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca