LOS ANGELES, November 01, 2021– (COMMERCIAL THREAD) –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 have purchased or otherwise acquired Reconnaissance Energy Africa Ltd f / k / a Lund Enterprises Corp. (“ReconAfrica” ââor the securities of the “Company”) (OTC: RECAF) between February 28, 2019 and September 7, 2021, inclusive (the âRecourse Periodâ). ReconAfrica investors have up to December 27, 2021 file an application as the principal applicant.
If you have suffered a loss on your ReconAfrica investments or would like to inquire about the possibility of pursuing claims to recover your loss under federal securities laws, you can submit your details to 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 by email at [email protected] to learn more about your rights.
On September 7, 2021, Viceroy released a report titled “ReconAfrica – Another swing, another miss: Despite major 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 release and presentation of data on its first 6-2 well “is a clear attempt to put a positive spin on disappointing drilling results, but does not do so under scrutiny. more in-depth “.
On this news, ReconAfrica’s share price fell $ 0.68, or 12%, to close at $ 4.65 per share on September 7, 2021, hurting 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 to use unconventional means for the energy extraction (including hydraulic fracturing) in the fragile Kavango zone; (2) that ReconAfrica would begin drill testing without a license; (3) that ReconAfrica would illegally use the water to test wells; (4) that ReconAfrica is illegally storing wastewater in uncoated swimming pools; (5) that ReconAfrica would circumvent Namibian law and hire an inadequate and inappropriate consultant; (6) that as a result, ReconAfrica risked future wells, boreholes and water related permits in Namibia and Botswana; (7) that, contrary to its statements, ReconAfrica did not contact and provide adequate information (including in relevant local languages) by means accessible to those who would be affected by its testing and potential energy extraction; (8) that ReconAfricas’ interests lie in the Owambo Basin, and not in what is called the Kavango Basin; (9) that ReconAfrica is continually engaged in pumping out stocks; and (10) because of the foregoing, the defendants’ public statements were substantially false and / or misleading at all material times.
If you have purchased or otherwise acquired securities of ReconAfrica during the Recourse Period, you may apply to the Court at the latest December 27, 2021 ask the Court to appoint you as the principal applicant. To be a member of the Class, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the group. If you would like to know more about this action, or if you have any questions regarding this announcement or your rights or interests in any such 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 at [email protected], or visit our website at www.glancylaw.com. If you are applying by email, please include your mailing address, phone number and number of shares purchased.
This press release may be considered an attorney’s advertisement in certain jurisdictions under applicable law and ethical rules.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211101005196/en/