TORONTO and WINDSOR, ON, June 3 /CNW/ - A class action has been commenced in the Ontario Superior Court of Justice on behalf of all investors who acquired shares of Canadian Superior Energy Inc. ("Canadian Superior") during the period January 14, 2008 to and including February 17, 2009 (the "Class Period"). The plaintiff alleges that the defendants engaged in violations of Ontario's Securities Act and the common law.
The plaintiff has retained Sutts, Strosberg LLP to prosecute the class action.
The plaintiff alleges that throughout the Class Period, the defendants assured the investing public that the development of three wells in an area offshore Trinidad & Tobago known as Intrepid Block 5(c) would be economical. The plaintiff also alleges that the defendants failed to disclose material information concerning the economic viability of Intrepid Block 5(c) and that one of Canadian Superior's partners failed to pay contractors who were required to complete the development of Intrepid Block 5(c).
On February 12, 2009, Canadian Superior announced that one of its partners in the development of Intrepid Block 5(c) successfully appointed an interim receiver for its participating interest in Intrepid Block 5(c). Canadian Superior subsequently announced that it received a demand letter from its lender, a demand that Canadian Superior could not meet. As a result, the Canadian Superior's share price declined by more than 50%.
Sutts, Strosberg LLP pioneered securities class actions in Ontario and has recovered more than $150 million for its clients in securities class actions as a result of its involvement on the leadership teams of many class proceedings such as Bre-X, YBM Magnex, Southwestern Resources, Atlas Cold Storage, CV Technologies and NovaGold Resources. Please visit the Sutts, Strosberg LLP website (www.strosbergco.com) and www.cseclassaction.com for more information about the firm and the Canadian Superior Energy class action.
SOURCE Sutts, Strosberg LLP Barristers & Solicitors
For further information: For further information: Jay Strosberg, Sutts, Strosberg LLP, (519) 561-6285 or 1-800-229-5323, ext 8285, email@example.com