NEW YORK, April 1, 2004 (PRIMEZONE) -- Bull & Lifshitz, LLP announced today that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Canadian Superior Energy (AMEX:SNG) (TSE:SNG) ("Canadian Superior") from November 17, 2003 through March 10, 2004 inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained by request from the firm's website at http://www.nyclasslaw.com/infopackage.html.
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 were lacking in a reasonable basis when made.
On March 11, 2004 Canadian Superior announced that it had halted operations at the Mariner I-85 well due to budget constraints. On this news, shares of Canadian Superior plummeted 44.44%.
If you bought Canadian Superior publicly traded securities, and you wish to serve as lead plaintiff, you must move the Court no later than May 14, 2004. If you are a member of this class, you can join this class action online at http://www.nyclasslaw.com/join.html. Any member of the purported class may move the Court to serve as lead plaintiff through this firm or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Bull & Lifshitz, LLP is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.nyclasslaw.com.