The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Reconnaissance Energy Africa Ltd f/k/a Lund Enterprises Corp. (RECAF)
LOS ANGELES--(BUSINESS WIRE)--Dec 21, 2021--
The Law Offices of Frank R. Cruz reminds investors of the upcoming December 27, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Reconnaissance Energy Africa Ltd f/k/a Lund Enterprises Corp. (“ReconAfrica” or the “Company”) (OTC: RECAF ) securities between February 28, 2019 and September 7, 2021, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On September 7, 2021, Viceroy published a report entitled “ReconAfrica – Another swing, another miss: Despite significant polish, Netherland Sewell’s presentation on ReconAfrica’s 6-2 well is another set of disappointing results.” The report alleges, among other things, that ReconAfrica’s press statement and presentation of data on their first 6-2 well “is a clear attempt to put a positive spin on disappointing drill results but fails to do so under further scrutiny.”
On this news, ReconAfrica’s share price fell $0.68, or 12%, to close at $4.65 per share on September 7, 2021, thereby injuring investors.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose: (1) ReconAfricas plan for using unconventional means for energy extraction (including fracking) in the fragile Kavango area; (2) that ReconAfrica would begin unlicensed drilling tests; (3) that ReconAfrica would illegally use water for well testing; (4) that ReconAfrica would illegally store used water in unlined pools; (5) that ReconAfrica would skirt Namibian law and hire an inadequate and inappropriate consultant; (6) that, as a result, ReconAfrica risked future well, drilling, and water-related licenses in Namibia and Botswana; (7) that, as opposed to its representations, ReconAfrica did not reach out nor provide adequate information (including in relevant local languages) through accessible means to those to be impacted by its testing and potential energy extraction; (8) that ReconAfricas interests are in the Owambo Basin, not the so-called Kavango Basin; (9) that ReconAfrica has continuously engaged in stock pumping; and (10) as a result of the foregoing, defendants public statements were materially false and/or misleading at all relevant times.
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If you purchased or otherwise acquired ReconAfrica securities during the Class Period, you may move the Court no later than December 27, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20211221005316/en/
CONTACT: The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: The Law Offices of Frank R. Cruz
Copyright Business Wire 2021.
PUB: 12/21/2021 11:05 AM/DISC: 12/21/2021 11:06 AM