NEW YORK, March 25, 2004 (PRIMEZONE) -- Abbey Gardy, LLP commenced a Class Action lawsuit in the United States District Court for the Southern District of New York (Civil Action No. 04 cv 02035) on behalf of all purchasers of Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (AMEX:SNG) securities between December 18, 2003 and March 10, 2004, inclusive (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The Complaint names as defendants Canadian Superior Gregory S. Noval, Robert A. Pilling And Michael Coolen. The Complaint alleges that defendants issued a series of materially false and misleading statements about progress and the costs of its El Paso Mariner I-85 well operations in Nova Scotia, Canada. In addition, the Complaint alleges that while in possession of materially adverse information defendant Noval sold 25% of his Canadian Superior stock at artificially inflated prices.
On March 11, 2004, the Company announced that it was abandoning the Mariner I-85 exploration well due to budget constraints. On this news, the Canadian Superior stock plunged from $3.24 on March 10, 2004 to close at $1.80 on March 11, 2004 on heavy volume of 14.9 million shares.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Canadian Superior securities during the Class Period. If you purchased or otherwise acquired Canadian Superior securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased Canadian Superior securities during the Class Period, you may, no later than May 14, 2004 request that the Court appoint you as lead plaintiff.
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 plaintiffs.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact:
Susan Lee Abbey Gardy, LLP 212 East 39th Street New York, New York 10016 (212) 889-3700 (800) 889-3701 (Toll Free) Or e-mail her at slee@abbeygardy.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca