The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Reconnaissance Energy Africa Ltd f/k/a Lund Enterprises Corp. (RECAF) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Reconnaissance Energy Africa Ltd f/k/a Lund Enterprises Corp. (“ReconAfrica” or the “Company”) (OTC: RECAF) securities between February 28, 2019 and September 7, 2021, inclusive (the “Class Period”). ReconAfrica investors have until December 27, 2021 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On September 7, 2021, Viceroy published a report entitled “ReconAfrica – Another swing, another miss: Despite significant 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 statement and presentation of data on their first 6-2 well “is a clear attempt to put a positive spin on disappointing drill results but fails to do so under further scrutiny.”

On this news, ReconAfrica’s share price fell $0.68, or 12%, to close at $4.65 per share on September 7, 2021, thereby injuring 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 for using unconventional means for energy extraction (including fracking) in the fragile Kavango area; (2) that ReconAfrica would begin unlicensed drilling tests; (3) that ReconAfrica would illegally use water for well testing; (4) that ReconAfrica would illegally store used water in unlined pools; (5) that ReconAfrica would skirt Namibian law and hire an inadequate and inappropriate consultant; (6) that, as a result, ReconAfrica risked future well, drilling, and water-related licenses in Namibia and Botswana; (7) that, as opposed to its representations, ReconAfrica did not reach out nor provide adequate information (including in relevant local languages) through accessible means to those to be impacted by its testing and potential energy extraction; (8) that ReconAfricas interests are in the Owambo Basin, not the so-called Kavango Basin; (9) that ReconAfrica has continuously engaged in stock pumping; and (10) as a result of the foregoing, defendants public statements were materially false and/or misleading at all relevant times.

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If you purchased ReconAfrica securities during the Class Period, you may move the Court no later than December 27, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased ReconAfrica securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Reconnaissance Energy Africa Ltd f/k/a Lund Enterprises Corp. (RECAF) Investors