Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Reconnaissance Energy Africa Ltd f/k/a Lund Enterprises Corp. (RECAF) Investors
LOS ANGELES--(BUSINESS WIRE)--Nov 1, 2021--
Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired 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”). ReconAfrica investors have until December 27, 2021 to file a lead plaintiff motion.
If you suffered a loss on your ReconAfrica investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/reconnaissance-energy-africa-ltd-fka-lund-enterprises-corp /. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
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.
If you purchased or otherwise acquired ReconAfrica securities during the Class Period, you may move the Court no later than December 27, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20211101005196/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Glancy Prongay & Murray LLP
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PUB: 11/01/2021 12:00 PM/DISC: 11/01/2021 12:02 PM