Sutts, Strosberg LLP announces that leave has been granted to commence an action under Part XXIII.1 of Ontario's Securities Act against Alange Energy Corp., now known as Petromagdalena Energy Corp. and the action has been certified as a class proceeding

This Notice may affect your rights.  Please read carefully

TORONTO, June 13, 2013 /CNW/ - THIS NOTICE is directed to all persons, excluding the defendants and their families, who bought shares of Alange Energy Corp., now known as PetroMagdalena Energy Corp., during the period August 30, 2010 to January 12, 2011 ("Class Period") and held some or all of those shares on January 13, 2001.

CERTIFICATION ORDER

In this action the plaintiffs allege that Alange misrepresented its actual production of barrels of oil equivalent per day during the Class Period.

On June 11, 2013, Justice Patterson certified this action as a class action.  The court has not determined who will win this action.  The certification order and reasons for decision of Justice Patterson are posted at http://www.alangeclassaction.com.

WHAT ARE YOUR RIGHTS

If you wish to participate in the class action you do not need to do anything at this time.  If you wish to be excluded from this class action, you must send a signed statement saying that you wish to be excluded, containing your name, address, telephone number and the number of Alange shares that you bought during the Class period and held on January 13, 2001, by prepaid mail, fax, courier or email toGregory D. Wrigglesworth, Kirwin Partners LLP, Lawyers, 423 Pelissier Street, Windsor, ON N9A 4L2, Attention: Alange Class Action or by fax to 519-790-0006 or by email to alange@kirwinpartners.com.  A person who decides not to participate in the class action, will not be bound by any future order made in the class action, and will not be eligible for any recovery in the class action but may pursue an individual claim.

Do not opt out if you wish to participate in the class action.  If you do not opt out of the class action on or before 5:00 p.m. eastern time on September 3, 2013, you will be part of this class action and you will be bound by all future orders made in this action.

CLASS COUNSEL FEES AND DISBURSEMENTS

The plaintiffs and Class Counsel signed a fee agreement which provides that Class Counsel will be paid out of any recovery a percentage of the recovery as fees, plus expenses and applicable taxes, but only in the event of success in the class action.  The fees will be 25% to 33.3% of the recovery depending upon whether the action settles and when or proceeds to judgment after trial.

The fee agreement must be approved by the court.  Class Members will not be required to pay Class Counsel unless the plaintiffs are successful in this action and then the fees will be deducted from their recovery.

INDIVIDUAL ISSUES

Individual issues may remain for determination after the trial.  If a Class Member wishes to retain a lawyer to assist with these individual issues, the Class Member will have to pay additional fees for this service.

INFORMATION

This Notice was approved by the Ontario Superior Court of Justice.  Inquiries should not be directed to the court.

Additional information about the class action can be found at http://www.alangeclassaction.com or www.strosbergco.com.

Any questions regarding this class action, the certification order or opting out should be directed to:

Jay Strosberg, Sutts, Strosberg LLP,  600-251 Goyeau Street,  Windsor ON  N9A 6V4, Tel:  1.800.489.6982 (toll free), Fax: 1.866.316.5308 (toll free in Canada and the U.S.), Email: jay@strosbergco.com.

INTERPRETATION

This Notice is a summary of some of the terms of the certification order.  If there is a conflict between the provisions of this Notice and the terms of the certification order, the certification order shall prevail.

SOURCE: Sutts, Strosberg LLP Barristers & Solicitors

For further information:

Jay Strosberg, Sutts, Strosberg LLP,  600-251 Goyeau Street,  Windsor ON  N9A 6V4, Tel:  1.800.489.6982 (toll free), Fax: 1.866.316.5308 (toll free in Canada and the U.S.), Email: jay@strosbergco.com.

Profil de l'entreprise

Sutts, Strosberg LLP Barristers & Solicitors

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.