NEW YORK, Dec. 11, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Canadian Superior Energy, Inc. ("Canadian Superior") (AMEX:SNG) stock during the period between January 14, 2008 and February 17, 2009 (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Canadian Superior common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by February 8, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges that certain of Canadian Superior's former executives violated federal securities laws. On August 16, 2007, Canadian Superior and Challenger Energy announced that BG International Limited ("BG") entered into a 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"). The Complaint alleges that defendants failed to disclose: (i) the discovered reserves for Intrepid Block 5(c) were below the economic threshold for development; (ii) that Canadian Superior had notified BG of its intention to commence a corporate sale in November 2008 to overcome the financial constraints that were preventing it from meeting its funding obligations under the Joint Operating Agreement; (iii) that Canadian Superior had violated the terms of the Joint Operating Agreement with BG, potentially endangering its interest in the Joint Venture; and (iv) Canadian Superior failed to timely pay Maersk, the drilling operator, and potentially other contractors.