Canadian Superior

Settlement with Defendants in In re Canadian Superior Securities Litigation

The parties have reached a settlement of these actions, pending in New York, New York and Ontario, Canada, which provides for the payment of $5,200,000 for the benefit of eligible class members.  Plaintiffs alleged that Defendants violated the federal securities laws and similar Canadian law by making false and misleading statements about, among other things, (i) test results from certain natural gas wells off the coast of Trinidad and Tobago, (2) accounting, progress, and planning of a joint venture and allocation of costs to develop the project, and (3) Canadian Superior’s stock option practice, which had the effect of artificially inflating the price of Canadian Superior securities.  The proposed settlement has been preliminarily approved by the New York court and the Canadian court.

The Ontario court has scheduled a final approval hearing for November 24, 2011, at 10:00 a.m., and the New York court has scheduled a final approval hearing for November 8, 2011, at 5:00 p.m.  You are required to submit a claim form by no later than December 7, 2011 in order to participate in the Settlement.

Documents:

• Settlement Agreement
• Notice, Claim Form, and Summary Notice:  English
• Notice, Claim Form, and Summary Notice:  French
• U.S. Preliminary Approval Order
• Canadian Preliminary Approval Order
• Memorandum Opinion and Order