SAN DIEGO, October 29, 2021 (GLOBE NEWSWIRE) – The law firm of Robbins Geller Rudman & Dowd LLP announces that the buyers or acquirers of Reconnaissance Energy Africa Ltd. f / k / a Lund Enterprises Corp. (“ReconAfrica”) (OTCMKTS: RECAF; LGDOF) traded securities between February 28, 2019 and September 7, 2021 inclusive (the “Recourse Period”) have until December 27, 2021 to request appointment as applicant main in the ReconAfrica class action lawsuit. Started October 25, 2021, ReconAfrica class action (Muller v. Recognition Energy Africa Ltd. f / k / a Lund Enterprises Corp., No. 21-cv-05910 (EDNY)) accuses ReconAfrica and some of its senior officials of violating the Securities Exchange Act of 1934.
If you wish to serve as the principal applicant of the ReconAfrica class action, please fill in your information by clicking here. You can also contact the lawyer JC Sanchez from Robbins Geller by calling 800 / 449-4900 or emailing [email protected]. The principal applicant’s requests for the ReconAfrica The class action must be filed with the court no later than December 27, 2021.
CASE ALLEGATIONS: ReconAfrica claims to engage in the identification, exploration and development of oil and / or gas assets in Namibia and Botswana, including in the Kalahari Desert and other fragile areas.
The ReconAfrica The class action alleges that, throughout the Class Period, the Defendants made false and misleading statements and failed to disclose: (i) ReconAfrica’s plan to use unconventional means for the extraction of energy (including hydraulic fracturing) in the fragile Kavango zone; (ii) that ReconAfrica would start drilling tests without a license; (iii) that ReconAfrica would illegally use the water to test the wells; (iv) that ReconAfrica would illegally store wastewater in uncoated swimming pools; (v) that ReconAfrica would circumvent Namibian law and hire an inadequate and inappropriate consultant; (vi) that as a result, ReconAfrica risked future water wells, boreholes and permits in Namibia and Botswana; (vii) that, contrary to its statements, ReconAfrica has not contacted and provided adequate information (including in relevant local languages) by means accessible to those who would be affected by its testing and potential energy extraction; (viii) that ReconAfrica’s interests lie in the Owambo Basin, and not in what is called the Kavango Basin; (ix) that ReconAfrica is continually engaged in pumping out stocks; and (x) because of the foregoing, the defendants’ public statements were materially false and / or misleading at all material times.
THE MAIN COMPLAINANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who has purchased securities of ReconAfrica during the Recourse Period to seek appointment as principal plaintiff in the ReconAfrica class action lawsuit. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class which is also typical and adequate of the putative class. A lead applicant acts on behalf of all other class members by ordering ReconAfrica class action lawsuit. The lead plaintiff can choose a law firm of their choice to argue the case. ReconAfrica class action lawsuit. The ability of an investor to participate in any potential future recovery of the ReconAfrica the class action does not depend on the function of principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $ 7.2 billion – in In re Enron Corp. Dry. Litigation. The 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller # 1 for recovering $ 1.6 billion from investors last year, more than double the amount recovered by any other company from securities claimants. Please visit http://www.rgrdlaw.com for more information.
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