NEW YORK, Oct. 17, 2008 (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 who purchased the common stock of Cano Petroleum, Inc. ("Cano" or the "Company") (AMEX:CFW) issued pursuant to a registration statement and prospectus filed with the SEC in connection with Cano's June 26, 2008 secondary public offering.
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 shares of Cano in connection with Cano's June 26, 2008 secondary public offering, and wish to move the court for appointment of lead plaintiff, you must do so by December 8, 2008. 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 certain of the Company's directors and underwriters with violations of the Securities Act of 1933 including that the registration statement and prospectus filed with the SEC for the Cano shares issued in the Secondary Offering contained statements concerning proved reserve amounts and standards that were materially false and overstated Cano's proved reserves.