Faruqi & Faruqi, LLP Announces Filing of Class Action Lawsuit Against Canadian Superior Energy, Inc.Business Editors/Legal Writers NEW YORK--(BUSINESS WIRE)--March 18, 2004 Notice is hereby given that a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax was commenced in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on behalf of purchasers of the securities of Canadian Superior Energy, Inc. ("Canadian Superior" or the "Company") (AMEX AMEX See: American Stock Exchange :SNG SNG abbr. 1. substitute natural gas 2. synthetic natural gas ) between December 18, 2003 and March 10, 2004, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's Web site at: www.faruqilaw.com The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Canadian Superior's Mariner I-85 Well offshore operations in Nova Scotia, Canada. Specifically, the complaint alleges that Canadian Superior failed to disclose that: (1) the Mariner I-85 Well was not proceeding with "outstanding progress" as represented; and (2) that the costs for drilling were not within budgeted costs. As a result, the price of the Company's common stock were artificially inflated throughout the Class Period. On March 11, 2004, however, following the announcement that the Company halted operations at the Mariner I-85 Well, Canadian Superior's stock plummeted in excess of 44% on unusually high trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. . Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Canadian Superior securities between December 18, 2003 and March 10, 2004, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP LLP - Lower Layer Protocol , a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud. If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our Web site at www.faruqilaw.com If you purchased Canadian Superior securities during the Class Period, you may, not later than May 14, 2004, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact: |
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